Columbus International

America’s Million-Dollar Home Surge: A New Era in Real Estate

By Columbus International,19 August 2024

In a groundbreaking shift in the American real estate landscape, the share of homes valued at $1 million or more has reached an unprecedented 8.5%, according to an exclusive analysis by Redfin provided to the Wall Street Journal. This figure marks a significant increase from 7.6% just a year ago and more than doubles the pre-pandemic level of 4%.

The Driving Forces

The surge in million-dollar properties is primarily attributed to the nationwide boom in home prices. Redfin’s data reveals that the median home sale price climbed 4% year-over-year to a record $442,525 in June. Even more striking, the luxury home market – defined as the top 5% of listings – saw a 9% year-over-year increase, with median prices hitting $1.18 million in the second quarter.

Market Dynamics

Despite rising mortgage rates dampening demand, a persistent inventory shortage continues to push prices upward. Redfin economist Chen Zhao notes, “The housing market is in a pretty unusual spot right now.” This situation benefits current homeowners but exacerbates the affordability crisis for potential buyers.

Geographic Hotspots

California, particularly the San Francisco Bay Area, leads the nation in million-dollar home concentration. In San Francisco proper, an astounding 80.6% of homes were valued at or above $1 million in June, up from 76.4% the previous year. Other California cities, like Anaheim, are experiencing rapid growth in this segment, with 58.8% of homes now in the million-dollar range, up from 51% last year.

The New Normal

“Years ago, if you owned a $1 million home, you would have been considered pretty rich,” Zhao observes. “Now, that’s the entry point for some markets.” This shift is particularly evident in areas like the San Francisco Bay Area, where local real estate agents now consider $1 million the starting point for condo searches, with single-family homes often out of reach at this price point.

Market Outliers

Interestingly, Austin, Texas, bucked the trend, showing a slight decrease in million-dollar homes due to increased new construction. Meanwhile, cities like Detroit, Cleveland, Pittsburgh, and Kansas City maintain less than 1% of their housing stock in the million-dollar category.

Looking Ahead

While inventory levels are slowly increasing nationwide, they remain about 30% below pre-pandemic levels. This persistent shortage, coupled with sellers reluctant to give up low interest rates and elevated construction costs, suggests that the million-dollar home phenomenon may continue to reshape the American real estate market for the foreseeable future.

As this trend unfolds, it raises important questions about housing affordability, wealth distribution, and the changing definition of luxury in the U.S. real estate market. Industry experts and policymakers will be closely watching these developments and their broader economic implications in the coming years.

Source: Wall Street Journal

Miami’s Culinary Landscape: 14 Must-Try Restaurants Shaping the Scene in August 2024

By Columbus International,15 August 20249 November 2024

Miami’s dining scene continues to evolve, offering a tantalizing array of culinary experiences for locals and visitors alike. From reimagined classics to international imports, here are 14 restaurants that are currently defining the Magic City’s gastronomic landscape.

1. Blue Collar: A Local Favorite Reimagined

Danny Serfer’s beloved Blue Collar has reopened in a spacious 4,000-square-foot location, maintaining its charm while expanding its offerings. The mid-century aesthetic and classic cocktails complement an enhanced menu that balances fan favorites with innovative additions.

2. La Màrtola: Mediterranean Oasis in Buena Vista

This newcomer transports diners to the European Riviera with its coastal-inspired menu. La Màrtola’s ambiance and dishes, ranging from fresh oysters to Neapolitan pizzas, offer a slice of seaside luxury in the heart of Miami.

3. Itamae AO: Intimate Nikkei Experience

Chef Nando Chang’s latest venture, Itamae AO, presents an exclusive 10-seat counter experience in Midtown. This intimate setting showcases Chang’s mastery of Peruvian-Japanese fusion, featuring meticulously crafted dishes that highlight local seafood.

4. Maman: Parisian Charm Meets Miami Flair

The NYC-based French café has made a splash with its Wynwood flagship. Maman seamlessly blends French classics with Miami-inspired creations, offering an all-day dining experience in a chic, Instagram-worthy setting.

5. Skinny Louie: Simplicity Meets Success

This 1950s-inspired burger joint in Wynwood proves that sometimes less is more. With just three burger options and classic sides, Skinny Louie has quickly become a local phenomenon, drawing crowds with its no-frills approach to quality fast food.

6. Yann Couvreur Café: French Pastry Mastery

Acclaimed pastry chef Yann Couvreur’s first U.S. outpost in Wynwood offers more than just picture-perfect desserts. The café’s extensive menu and stunning interior design make it a must-visit destination for food enthusiasts and Instagram influencers alike.

7. Brother’s Keeper: Nostalgia and Novelty

This Miami Beach cocktail bar by Lost Boy & Co. blends 1980s New York aesthetics with innovative drinks and eclectic bar bites. Brother’s Keeper’s unique atmosphere and creative menu make it a standout in the city’s vibrant nightlife scene.

8. ViceVersa: Italian Aperitivo with a Miami Twist

Award-winning bartender Valentino Longo’s ViceVersa brings the essence of Italian aperitivo culture to Miami. The bar’s sophisticated ambiance and expertly crafted cocktails offer a refined drinking experience in the heart of the city.

9. Mangrove: Caribbean Fusion in Downtown

Mangrove elevates traditional Caribbean cuisine in a lounge setting, offering a unique dining experience that marries familiar flavors with upscale presentation. The restaurant’s eclectic menu and island-inspired cocktails create a vibrant atmosphere in downtown Miami.

10. Catch Miami Beach: Seafood Spectacle

The arrival of Catch in South of Fifth brings a touch of glamour to Miami’s seafood scene. This expansive venue offers a mix of Catch classics and Miami-inspired dishes in a stunning Art Deco-influenced setting, cementing its status as a see-and-be-seen destination.

11. Felice Brickell: Tuscan Elegance

This NYC import brings authentic Tuscan flavors to Brickell. Felice offers a refined Italian dining experience, featuring a carefully curated menu and an extensive wine list that showcases the best of Tuscany.

12. Gramps Getaway: Tropical Escape

An extension of the popular Wynwood bar, Gramps Getaway offers a laid-back waterfront experience in Key Biscayne. With elevated bar food and tropical drinks, it’s the perfect spot for a casual day out by the bay.

13. RedFarm: Innovative Chinese Cuisine

The New York dim sum hotspot has found a new home in Coconut Grove. RedFarm’s creative take on Chinese classics, including its famous Pac-Man dumplings, brings a fresh perspective to Miami’s diverse culinary scene.

14. Sereia: Portuguese Seafood Excellence

Two-Michelin-starred chef Henrique Sá Pessoa’s Sereia brings the flavors of the Iberian coast to Coconut Grove. The restaurant’s sophisticated menu and elegant interior design offer a high-end dining experience that celebrates Portuguese culinary traditions.

These 14 establishments represent the dynamic and diverse nature of Miami’s culinary landscape, offering everything from casual bites to fine dining experiences. As the city continues to attract world-class talent and innovative concepts, Miami solidifies its position as a global gastronomic destination.

Photo & Source: Eater Miami

Manhattan Office Market Shows Signs of Life: Leasing Surges Amid Gradual Return to Work

By Columbus International,14 August 2024

In a surprising turn of events, Manhattan’s office market is showing resilience and adaptability in the face of ongoing challenges. Recent data suggests a notable uptick in leasing activity and a gradual return of workers to offices, offering a glimmer of hope for the beleaguered commercial real estate sector in New York City.

According to a report by brokerage Colliers (CIGI), Manhattan saw a significant boost in office leasing volume last month. July witnessed a 58% increase in leasing activity compared to June, with 3.87 million square feet of office space signed. This figure not only represents a month-over-month improvement but also outpaces last July’s volume by an impressive 67%.

The surge in leasing activity coincides with a gradual increase in office occupancy. A joint report by Avison Young and analytics firm Placer.ai reveals that select Manhattan offices were 29.3% busier on Mondays in June compared to the same period last year. This trend suggests that while the traditional five-day office week may be a thing of the past, employees are slowly but surely returning to their workplaces, particularly at the start of the week.

However, the recovery is not uniform across all of Manhattan. Lower Manhattan, for instance, has seen limited growth in office leasing during the second quarter. The Alliance for Downtown New York reports that leasing in this area increased by only 1% compared to the first quarter and remains 17% below pre-pandemic levels. Year-over-year, leasing in Lower Manhattan has plummeted by 48%.

Despite these challenges, certain sectors are driving demand in the Lower Manhattan office market. Technology firms led the charge, accounting for 36% of the total space leased in the second quarter. Legal and finance industries followed, each representing 15% of leased space.

The largest lease of the quarter in Lower Manhattan was secured by financial and software firm Stripe, which took up 147,509 square feet at 28 Liberty Street.

New York City’s office market remains the largest in North America, with nearly 730 million square feet of office space across its five boroughs, according to CoStar data. Manhattan alone accounts for 82% of this inventory, primarily concentrated in prime business districts south of 59th Street.

The market is highly segmented in terms of price and quality. Premium “trophy” office spaces in Manhattan command average asking rents of around $100 per square foot, while Class B and C spaces in Manhattan and the outer boroughs are priced at $54 and $40 per square foot, respectively.

As Manhattan’s office landlords navigate this complex landscape, they face the dual challenge of attracting tenants in a competitive market and encouraging a more consistent return to office work. The recent uptick in leasing activity and gradual increase in office occupancy offer encouraging signs, but the road to full recovery remains long and uncertain.

In this evolving scenario, landlords and tenants alike are likely to continue adapting their strategies, potentially leading to innovative lease structures, enhanced office amenities, and flexible work arrangements that balance the benefits of in-person collaboration with the flexibility that workers have come to expect in the post-pandemic era.

New York’s Sky-High Rents Show Signs of Leveling Off, But Don’t Celebrate Just Yet

By Columbus International,13 August 202413 August 2024

In a city renowned for its stratospheric living costs, a glimmer of hope emerges for New York’s beleaguered renters. Recent data suggests that the Big Apple‘s notoriously high apartment rents may have finally reached their zenith, offering a potential respite in one of the world’s most competitive housing markets.

According to the latest monthly leasing report from Douglas Elliman, compiled by appraisal firm Miller Samuel, Manhattan’s median rental price in July dipped to $4,300, marking a 2.3% decrease from the previous year. This $100 drop, while modest, signals a potential shift in the market’s trajectory. Similar trends were observed in Brooklyn and Northwest Queens, with median rents falling to $3,600 and $3,450 respectively.

Jonathan Miller, president and CEO of Miller Samuel, confirms this turning point: “Rents have peaked,” he stated in an email to CoStar News. This assertion is backed by several key indicators, most notably the declining average size of rented apartments across the three boroughs.

In Manhattan, the average square footage rented in July shrank by 9.5% year-over-year to 945 square feet, marking the 11th consecutive monthly decline. Brooklyn and Northwest Queens experienced similar contractions, with average sizes decreasing by 7.3% and 14.5% respectively. Miller attributes this trend to a post-pandemic normalization of space preferences and tenants’ efforts to reduce costs.

The rental market’s cooling may also be influenced by shifting dynamics in the homebuyers’ market. With the Federal Reserve expected to cut interest rates, potentially lowering mortgage rates, some renters are revisiting the prospect of homeownership. This reversal of the previous trend, where prospective buyers flooded the rental market, could help ease rental demand.

Furthermore, the supply side of the equation is showing signs of expansion. Manhattan’s listing inventory surged by 44% year-over-year to 10,634 units in July, while the vacancy rate inched up to 2.87% from 2.63% a year earlier.

However, industry experts caution against expectations of a dramatic market correction. “It’s still a landlords’ market,” Miller emphasized, noting that one in five renters continue to pay above asking price. In Manhattan, listing discounts remain at near-record lows, often representing premiums above asking prices.

The resilience of New York’s rental market is underpinned by the city’s robust economy. With 54,000 jobs added over the past year and a diverse economic landscape, renter demand remains strong despite the eye-watering costs.

As the New York housing market enters this new phase, both renters and investors will be watching closely. While the days of relentless rent hikes may be waning, the road to truly affordable housing in America’s largest city remains long and winding. For now, New Yorkers can take solace in the fact that, at least for the moment, the upward spiral of rental costs seems to have found its limit.

Source: CoStar News

Miami’s Condo-Hotel Boom: A Risky Bet for Investors?

By Columbus International,12 August 2024

The allure of short-term rental income is driving Miami’s latest real estate trend, but experts warn of potential pitfalls.

In the sun-soaked streets of Miami, a new kind of real estate gold rush is underway. Developers are betting big on short-term rental-friendly condos, rebranding them as condo-hotels to capitalize on the booming demand from investors. But as the market floods with these units, industry insiders are raising red flags about the long-term viability of such investments.

The Numbers Game

The scale of this boom is staggering. According to recent data:

Approximately 11,000 units across 36 planned or under-construction condo developments from Miami’s Coconut Grove to Hillsboro Beach in Broward County will be available for short-term rentals.
This represents about half of the entire new development condo pipeline in the area.

Supply and Demand: A Delicate Balance

Craig Studnicky, a veteran brokerage chief, doesn’t mince words when describing the future of this market. “It will become a bloodbath of competition,” he predicts. The influx of units is expected to put significant pressure on daily rates, potentially eroding investors’ returns.

The Oversell Dilemma

Industry experts, including Studnicky and Roman Pedan, CEO of short-term rental operator Kasa, point to a concerning trend: developers overpromising on potential rental income. This discrepancy between expectation and reality can lead to frustrated buyers and, ultimately, impact resale values.

Historical Performance Raises Concerns

Condo-hotels have a checkered past when it comes to maintaining value. Studnicky notes that of all condo resales in 2023, a mere 2% were condo-hotel units, highlighting their potential lack of appreciation.

A Buyer’s Perspective

Not all investors share these concerns. Matthew Birnholz, owner of finance company Capital Infusion, recently contracted to purchase a one-bedroom condo at Rilea Group’s Rider Residences for just under $1 million. Birnholz sees the dual benefit of personal use and rental income as appealing.

“I hope the unit appreciates in value by 35 to 40 percent by the time Rider Residences opens,” Birnholz says, echoing the optimism of many buyers in this space.

The Bottom Line

While the short-term rental condo market in Miami is booming, potential investors should approach with caution. Studnicky offers a stark comparison: “You’d be better off buying Amazon or Tesla stock.”

As with any investment, due diligence is crucial. Prospective buyers should carefully consider factors such as location, design, price, and management before jumping into Miami’s condo-hotel pool.

New York City’s Office Market Defies Expectations, Surpasses Pre-Pandemic Value

By Columbus International,9 August 20249 November 2024

In a surprising twist that challenges conventional wisdom, New York City’s office market has demonstrated remarkable resilience, surpassing its pre-pandemic value despite record-high vacancy rates. This unexpected development, revealed in a recent study by New York State Comptroller Thomas DiNapoli’s office, paints a complex picture of the city’s commercial real estate landscape.

The Numbers Tell a Tale

The total assessed value of New York City’s office market climbed to an impressive $205 billion in fiscal year 2025, marking a 4.4% increase from the $196.2 billion recorded in fiscal year 2020. Even more striking is the 7% rise in total taxable billable value, reaching nearly $72 billion over the same period.

These figures, primarily derived from the city’s Department of Finance records, underscore the office market’s critical role in New York’s economic ecosystem. Commercial real estate, with offices at the forefront, accounts for a substantial 22% of all property market value in the city as of fiscal year 2025.

A Shift in the Skyline

Interestingly, this growth isn’t emanating from the traditional Midtown Manhattan strongholds. Areas like Midtown East, Grand Central, and Times Square have actually seen their values decline since fiscal year 2020. Instead, the expansion is being driven by newer, more dynamic districts.

The Hudson Yards Effect

Leading the charge is the Hudson Yards development on Manhattan’s far west side. This burgeoning district alone contributed a staggering $6 billion increase in value, representing about 70% of the total growth. Rahul Jain, New York state’s deputy comptroller, describes the growth in Hudson Yards as “humongous,” citing new buildings from developers like Related Cos., Brookfield, and Tishman Speyer as key drivers.

“We are seeing leasing in those buildings. Tenants they are bringing in are large conglomerates like Pfizer and BlackRock,” Jain noted, highlighting a shift from traditional office clusters to this new hub of commercial activity.

Emerging Hotspots

Beyond Hudson Yards, other areas showing significant growth include:

Union Square: 19% growth
SoHo: 28% jump
Downtown Brooklyn and Dumbo: Nearly 20% growth
Long Island City, Queens: An impressive 65% jump

The Flight to Quality

The study reveals a clear trend towards newer, amenity-rich buildings. Offices constructed after 2010 are leading the market value growth, reflecting employers’ preferences for modern spaces that can attract and retain talent in a competitive job market.

Challenges Amidst Growth

Despite the overall positive trends, the New York office market isn’t without its challenges. The office vacancy rate in Manhattan hit a record high of nearly 24% in the second quarter, up from about 11% in the fourth quarter of 2019. Many companies continue to reassess their space needs in light of remote and hybrid work arrangements.

Looking Ahead

While the office market’s value has surpassed pre-pandemic levels, the growth rate has slowed considerably. Pre-pandemic annual average value growth of 6% to 7% has decelerated to under 1.5% annually since the onset of COVID-19.

The Bottom Line

New York City’s office market is demonstrating remarkable adaptability and resilience in the face of unprecedented challenges. While traditional business districts may face a longer road to recovery, emerging areas and high-quality spaces are driving growth and reshaping the city’s commercial landscape. As the market continues to evolve, investors and businesses alike will need to stay attuned to these shifting dynamics to capitalize on the opportunities they present.

Source: CoStar News

Uniqlo Seizes Control of Its Fifth Avenue Flagship in New York

By Columbus International,8 August 20249 November 2024

Japanese apparel titan Uniqlo is doubling down on its New York City presence, announcing a deal to take full ownership of its flagship store on Fifth Avenue. The move underscores a broader trend among major retail brands seeking to control their own real estate in the world’s premier shopping district.

Uniqlo is executing a two-part transaction to acquire the property. First, the company is buying out the stake held by a retail joint venture between Vornado Realty Trust and an unnamed partner. Vornado, which owns a 52% interest in the venture, will net $340 million from the sale of its portion.

Uniqlo is then purchasing the remainder of the property from Brookfield Properties, which owns the larger 39-story office building at 660 Fifth Avenue that houses the Uniqlo store. Terms of the Brookfield deal were not disclosed.

The transactions, expected to close by Q1 2025, underscore Uniqlo’s confidence in the long-term prospects of its New York flagship. The 90,732-square-foot store, located between 52nd and 53rd Streets, has been a crucial driver of the brand’s U.S. expansion since opening in 2011.

Uniqlo’s move follows a string of high-profile retail real estate plays on Fifth Avenue. Luxury giants Prada and Kering have also recently purchased properties along the iconic shopping corridor, seeking greater control over their flagship store experiences.

For Vornado, the sale allows the real estate investment trust to pay down $390 million in preferred equity on the 666 Fifth Avenue property. The REIT will retain ownership of several other retail assets along Fifth Avenue through its joint venture.

The transactions come as New York’s retail market shows signs of a post-pandemic rebound, bolstered by a resurgence in tourism and office occupancy. Vornado reported a rise in its New York retail occupancy rate to 77% in the second quarter, up from 75% a year earlier.

Uniqlo’s strategic real estate play underscores the brand’s long-term confidence in the Big Apple. By owning its marquee Fifth Avenue location outright, the company positions itself for continued growth in the world’s premier shopping destination.

Source: CoStar News
Photo via Unsplash | Yoav Aziz

Miami’s Condo Conundrum: Court Ruling Sparks Digital Revolution in Property Rights, Reshaping Urban Development

By Columbus International,6 August 2024

A recent court ruling has brought new hope to condo owners in Miami who wish to keep their beloved homes, potentially reshaping the landscape of real estate development in the area.

The story of Angelica Avila, a longtime resident of Biscayne 21, a waterfront condo building in Miami’s Edgewater neighborhood, exemplifies this shift. Avila, who cherished her home of 30 years and its stunning views of Biscayne Bay, stood firm in her decision not to sell, even when offered triple the value of her investment.

While Avila and other residents were initially forced to relocate when developers gained control of the building, a recent appeals court ruling has challenged this practice. The court sided with the small group of residents who refused to sell, overturning a previous decision that favored the developers.

This ruling could mark a turning point for property rights in Florida, potentially giving more power to individual homeowners who wish to keep their properties. It opens up new possibilities for community preservation and may encourage more balanced negotiations between developers and residents.

The case has sparked important discussions about property rights, community preservation, and urban development. It highlights the need for innovative solutions that can balance the interests of long-time residents with the demands of urban growth and renewal.

While developers express concern about the impact on future projects, this situation presents an opportunity for more collaborative approaches to urban development. It could lead to creative solutions that respect the rights and wishes of long-time residents while still allowing for necessary upgrades and improvements to aging buildings.

The ruling also emphasizes the importance of clear and fair condominium rules. It may inspire communities to review and strengthen their governing documents to better protect all residents’ interests.

This development could potentially lead to more inclusive urban planning processes, where the voices of all stakeholders are heard and considered. It may encourage developers to work more closely with existing communities, fostering developments that enhance rather than replace established neighborhoods.

As the case potentially moves to the state supreme court, it offers a chance for Florida to set a precedent in balancing property rights, community preservation, and urban development. This could lead to more sustainable and community-friendly approaches to urban renewal across the state and beyond.

While challenges remain, this ruling represents a positive step towards protecting homeowners’ rights and preserving the character of long-established communities. It opens the door for more equitable and inclusive urban development practices that could benefit all Miami residents in the long run.

Source WSJ | Photo via Protecting Florida Together

Midtown Manhattan Skyscraper Sells for Staggering 97% Discount

By Columbus International,2 August 2024

In a transaction that has sent shockwaves through New York’s real estate market, a nearly one-million-square-foot office tower in Midtown Manhattan has been sold for a mere fraction of its previous value. The sale underscores the dramatic shift in the commercial real estate landscape post-pandemic.

Key Details:

Location: 135 W. 50th St., Midtown Manhattan
Sale Price: $8.5 million
Previous Purchase Price (2006): $332 million
Discount: Approximately 97%

The 23-story glass tower, occupying half a city block, was auctioned off on Wednesday for just $8.5 million. This represents a staggering 97% markdown from the $332 million its previous owners paid in 2006, according to The New York Times.

Market Impact: Industry experts are struggling to recall a comparable discount in recent memory. The sale highlights the severe impact of remote work trends on commercial real estate valuations in major urban centers.

Property Background:

Built in 1963
Recently renovated
Ground floor houses the Urban Hawker Singapore-style market (opened 2022)
Former tenants included Zales, New York Telephone Company, and Sports Illustrated
Current occupancy rate: 35%

Challenges Facing the Property:

High vacancy rate (65%)
Mid-block location with suboptimal natural light
Relatively low ceilings
Scattered tenant occupancy
Limited potential for residential conversion

David Sturner, son of the developer who sold the property in 2006, commented to The New York Times, “What’s shocking is how fast the valuations dropped now that we’ve seemingly reached bottom, or close to it.”

Financial Complexities: It’s worth noting that the building’s previous owner, UBS, had sold the land beneath the structure to Safehold for $285 million in 2019. This land sale should be factored into any analysis of the overall financial impact for UBS.

The Auction Process: The property was listed on Ten-X, a two-day real estate auction website, after previous attempts to sell had failed. Steven Jacobs, president of the auction site, revealed UBS’s mindset: “We need to sell this quick, we’ve kind of made peace with this is gonna be a big loss. We need to sell it and we need to move on.”

This sale serves as a stark indicator of the challenges facing commercial real estate in major urban centers as the market continues to grapple with the long-term effects of the COVID-19 pandemic and evolving work patterns.

Source: New York Post

Milan’s Green Revolution: Bosconavigli Brings the Forest to the City

By Columbus International,1 August 20241 August 2024

In the heart of Milan’s historic San Cristoforo neighborhood, a groundbreaking residential complex is redefining urban living. Bosconavigli, designed by the renowned Stefano Boeri Architetti in collaboration with Arassociati and AG&P greenscape, is not just another apartment building – it’s a vertical forest that bridges the gap between city life and nature.

This innovative project reimagines the traditional Lombard courtyard house, spiraling upwards to create a harmonious blend of architecture and greenery. With 170 trees of 60 different species adorning its facades, roofs, and balconies, Bosconavigli is a testament to sustainable urban development. But Bosconavigli is more than just a pretty face.

The complex offers 90 apartments, each designed with large outdoor spaces that serve as “outdoor rooms,” blurring the line between interior and exterior living. Public amenities, including a restaurant-bistro and wellness facilities, make it a true community hub. The project’s commitment to sustainability goes beyond its lush greenery. Solar panels, rainwater harvesting, and geothermal energy production are just a few of the eco-friendly features integrated into the design. Moreover, the building’s green elements act as natural barriers against noise and air pollution, enhancing the quality of life for residents. Bosconavigli isn’t just changing the skyline of Milan – it’s changing the way we think about urban living. As cities worldwide grapple with environmental challenges, this project offers a glimpse into a greener, more sustainable future where nature and architecture coexist in perfect harmony.

Photo via Bosconavigli

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