Milan, Near invests over 1 billion in Cascina Merlata: the fourth lot of UpTown kicks off

The talk of new residential real estate developments is back in Milan, and it is being done by the newly established Near - the Italia urban regeneration and living centre born from the union between Redo Sgr Società benefit and EuroMilano - with the delivery of the third lot (Feel UpTown) and the start of construction of the fourth lot Inspire UpTown within the Cascina Merlata Integrated Intervention Plan.

Two 24- and 20-storey towers and three buildings in line, totalling approximately 400 dwellings, arranged around a central garden. The architectural concept, signed by Mab Arquitectura, is based on the integration of architecture and nature and is part of a broader urban design that also bears the signatures of Cino Zucchi and Mario Cucinella among others. The project - one of the first in Italia to have obtained Leed certification at district level - envisages, as for the other lots, a system of integrated services: a gym, co-working spaces and a children's area in each building, as well as a central wellness pavilion with swimming pool, spa, club house and dining area. The new development, already 40 per cent marketed, starts as the delivery of Feel UpTown (267 flats), the district's third lot, is being completed.

"We are talking about an imposing overall project: 900 thousand square metres of total surface area, of which about 350 thousand dedicated to residential. It is one of the largest residential projects ever realised in Milan,' explains Attilio Di Cunto, CEO of Near Res, one of the two operational arms of the holding company together with Near Sgr. A 30-hectare park has already been completed in the area and a new school complex is being built, scheduled to open in the 2026/2027 school year. Another key element will be the future station of the Circle Line railway link, accessible from both the Merlata Bloom shopping centre and the Mind area. It is scheduled to open in summer 2027, at the same time as the new campus of the State University of Milan will be inaugurated on the Mind side. "As per the agreement," adds Di Cunto, "we will contribute 10 million euro to the construction of the station, of which 7.6 million has already been paid.

Sticking to the numbers, the Inspire UpTown project alone is expected to generate a turnover of around 230 million euro, while the urbanisation works for the district amount to 160 million. "The total investments exceed one billion euros. The free residence alone is worth over 600 million,' emphasises Luigi Borré, president of Near. "We believe that this proposal represents an interesting opportunity for both those who buy to live and those who invest," adds Borré. The area is set to grow significantly: today it has about 8,000 residents, but when fully operational it will reach 13-15,000. On the other side of the motorway, in the Mind area, between 60 and 65 thousand people will gravitate daily'.

The new district in the north-west of Milan is characterised by a mix of free, subsidised and subsidised building. In total, more than 4,500 flats are planned: half of them in concessionary and subsidised, half in free sale. Prices range from 2,100 euro per square metre of subsidised to about 5,700 euro per square metre of free. As of today, considering the entire Cascina Merlata project, the subsidised housing has already been completed, the subsidized housing is at 90%, and including the shopping centre and urbanisation works, the overall completion rate has exceeded 70%.