Carlo Masseroli, CEO of Nhood Italy, shares his vision regarding Piazzale Loreto, emphasizing the potential of the location and the challenges associated with generating commercial pathways in less central and more complex contexts. Speaking to Sole24Ore, Masseroli outlines the “Loc-Loreto Open Community” project, winner of the Reinventing Cities competition launched by the Municipality of Milan in 2021 and currently in the construction phase to redevelop Piazzale Loreto. Masseroli explains that the success of this initiative lies in the synergistic relationship between the public and private sectors, crucial for effective urban and real estate regeneration. Masseroli highlights the strategic importance of Piazzale Loreto in Milan, frequented by a significant number of people using the subway and by residents of the densely populated surrounding area. However, the commercial route along Corso Buenos Aires towards Piazzale Loreto is currently underdeveloped.
The goal of the project is to transform this location into a destination by engaging various market brands to start construction by May. The plan includes installing retail outlets of various sizes to meet the needs of passersby and the local community. An innovative aspect of the project is managing the square as a reference point for the area, a model absent in Milan but present in other cities. Masseroli sees this initiative not only as a local challenge but also as an opportunity to experiment and subsequently export the adopted model. Unlike past attempts with commercial districts, the project aims to create collective value greater than the sum of individual commercial activities. However, bureaucratic complexities have been an obstacle to the success of such initiatives.
The proposed model could be replicated in other underutilized squares, especially those near subway stops, to stimulate retail attractiveness and dissemination, generating added value for surrounding spaces. The project also presents an advantageous socio-economic return on investment (SROI), estimating that every euro invested generates a value of four euros. Rents for commercial spaces near Corso Buenos Aires, near Piazzale Loreto, range from 1,000 to 2,000 euros per square meter per year, and the project envisages the distribution of commercial spaces over a total area of 8,000 square meters. This model, rooted mainly in the Anglo-Saxon world, where commercial districts are privately managed, is also being implemented elsewhere. Nhood is currently implementing a similar project in Spain, confirming the international potential of this innovative urban and commercial regeneration strategy.