Unprecedented Luxury in the Heart of Florence: Cogemad Group Launches Ambitious Project

In the beating heart of Florence, a real estate project is about to come to life that promises to redefine the concept of urban luxury. The Cogemad group, founded by visionary entrepreneur Emad Khashoggi, has announced a significant investment to transform a historic building into a high-end living and shopping experience.

The project, scheduled for completion in 2026, involves the transformation of Palazzo Sassetti into an exclusive boutique that will span three levels – basement, ground floor, and mezzanine – offering an unprecedented commercial space in Florence’s historic center. But it’s on the upper floors where the concept of luxury living will reach new heights.

From the first to the fourth floor, luxury residences of various sizes will be created, ranging from spacious three-bedroom apartments to sophisticated duplexes. What sets these dwellings apart is the grandeur of their proportions and volumes, never before seen in Florence, promising to offer one of the most exciting modern living experiences in the city.

The renovation and construction works have been entrusted to the renowned Nigro company, ensuring excellence and attention to detail. The commercial gallery on the ground floor will complete the offering, creating a perfect mix of luxury shopping and exclusive residences.

Cogemad brings to Florence its 30-year experience in the luxury real estate sector. Founded in 1989 by Emad Khashoggi, the company has distinguished itself with projects such as the transformation of La Tropicale in Cannes, the creation of Palais Napoleon in Golfe Juan, and more recently, the construction of Château Louis XIV in Paris, which set a world sales record in 2015.

Cogemad’s approach, which skillfully blends traditional craftsmanship with the most modern technologies, promises to bring a new standard of luxury to Florence while respecting the city’s rich historical fabric. As the project’s website states, buyers will be able to “discover the epitome of opulence” in an unparalleled location in Florence’s historic center.

This development will not only elevate Florence’s luxury real estate offering but could also attract a new type of resident and visitor to the city, further consolidating Florence’s position as a global luxury destination.

Photo via Cogemad

Tutti i quartieri di Milano

Real Estate Market Rebalancing Offers Buyers Attractive Opportunities

The real estate market is going through a transitional phase, moving from a period of strong euphoria to one of greater reflection. According to data from the Revenue Agency and the Tecnocasa Group, there is a decrease in residential property sales and an increase in the average discount applied to selling prices. In the second half of 2023, the average discount in Italy was 8.3%, an increase compared to the previous year.

This gap between the price requested by sellers and the price actually paid by buyers is widening, indicating greater caution in the market. The discounts vary depending on the type of property. Used properties suffer greater reductions (8.5%) compared to renovated (7.5%) and new (4.5%) ones, as they often require renovation work that entails additional costs. The most significant discounts, almost 12%, are recorded for properties purchased for investment purposes, where the buyer’s purchasing power carries more weight.

Economical properties and homes sold out of necessity suffer above-average discounts, respectively 10.2% and 9.6%. The position of the property also influences the discount: ground-floor apartments suffer discounts of 8.5%, while for those on the top floors, the discounts are more contained (7.7%). These data confirm the picture of a slowing real estate market. In fact, the Revenue Agency has recorded a sharp decline in residential property sales in the first quarter of 2024, equal to 7.6% compared to the same period in 2023 and 7.2% compared to the last quarter of 2023, affecting all areas of the country.

Source: Il Sole 24 Ore

Tuscany’s Triple Threat: 3 Prized Properties Not To Miss This Summer

As the warm winds of summer caress the Tuscan landscape, a trifecta of rare real estate jewels emerges, beckoning discerning investors and connoisseurs of la dolce vita.

From a historic villa nestled in the Florentine hills to a seaside oasis on the Maremma coast and a prestigious office steps from the iconic Ponte Vecchio, these properties promise an unparalleled immersion into Tuscany’s enchanting milieu.

The regional real estate market is sizzling, with sales up 1.4% and rents surging 4.3% in Q1 2024, according to Immobiliare.it Insights’ data. The average home sale price stands at €2,536 per square meter, while rental rates command €15.3 per meter. Unsated buyer demand continues driving a 16.3% uptick amidst dwindling inventory, up 5.1%. In the perennially coveted Florence, prices average nearly €4,200 per meter after a 0.8% quarterly hike, with rents now at €22.6 per meter.

Villa Covoni, Fiesole’s Aristocratic Sanctuary

A mere 7 km from Florence’s beating heart, the 18th-century Villa Covoni reigns over the Fiesole hills, an aristocratic sanctuary fusing history with modern refinement. Part of the Villa Sant’Ignazio complex, sumptuous living spaces adorned with frescoes and curated furnishings offer breathtaking vistas of the Renaissance capital. The exclusive condominium park, featuring a pool and scenic walking trails, provides a verdant respite for residents.

Waterfront Glamour At Punta Ala

On the shimmering Maremma coast, an extraordinary Punta Ala villa seduces with panoramic sea views. The impeccably designed single-level residence with basement quarters boasts a spacious layout anchored by a gourmet kitchen, expansive living areas, four bedrooms and three baths. A private pool and garage complete this mediterranean dream home, epitomizing luxurious coastal living amidst tranquil surroundings.

A Renaissance Workspace On Ponte Vecchio

Vista su Ponte Vecchio
Vista su Ponte Vecchio

In Florence’s pulsating historic center, a rare office opportunity awaits on the fabled Ponte Vecchio. Available from February 2024, this 140-square-meter gem has undergone immaculate renovations, revealing marble floors, parquet accents and refined architectural details. Floor-to-ceiling windows flood interiors with natural light while framing iconic cityscapes – an inspiring backdrop for receiving clients amidst unmatched old-world ambiance.

As summer casts its brilliant glow, Tuscany’s irresistible allure intensifies with these premier residential and commercial offerings. For those seeking to savor the region’s timeless grandeur, acted upon swiftly, a slice of real estate nirvana awaits.

Ponte Vecchio Firenze

Florence’s Commercial Real Estate Landscape Reshaped by Trams, Tourism, and Regulations

Florence’s non-residential real estate market is experiencing a period of significant change. The expansion of tram lines, influx of tourists, and new municipal restrictions for businesses in the UNESCO historic center area, coupled with the opening of the Viola Park stadium, are reshaping the dynamics of this sector. According to data from Tecnocasa, by the end of 2023, there is an increase in sale prices and rental rates, although more contained compared to mid-year. On main thoroughfares, the price increase is more pronounced (+0.7%), while on other streets, it is +0.2%. For rental rates, the increase is 0.3% in both cases. In the historic center, luxury brands and restaurants maintain a strong presence, despite the restrictions on opening new dining establishments, which require purchasing an existing license.

In the Oltrarno area, prices remain high on streets like Guicciardini, Borgo San Jacopo, and Ponte Vecchio, with rents reaching €1,200 per square meter per year in top zones. Artisans are returning to streets like Maggio and Sant’Agostino, declared by the municipality as artisanal-oriented. On low-traffic streets, there is a higher turnover and an increase in sale and rental times. These locations attract startups that do not want to make significant initial investments but aim to accumulate capital to eventually move to high-traffic streets. Offices in the center are only purchased if they can be converted into residential units, making them attractive to investors. Otherwise, sale times are prolonged, and prices decrease significantly. Currently, the San Lorenzo neighborhood is the most vibrant area for non-residential real estate, thanks to the renovation works of the Sant’Orsola complex and the arrival of the tram line in Piazza San Marco, which is expected to appreciate the value of Via Cavour as well.

In Florence South, where the tram line to Bagno a Ripoli is scheduled for 2026, a vacancy is recorded on Viale Giannotti, while interest (and rental rates) is maintained on Viale Europa, leading to the new Viola Park stadium. However, there is a significant demand for offices in this area. In the Baracca-Novoli area, demand is low, and many shops remain vacant, except for Piazza Dalmazia and Via di Novoli, which are crossed by the tram line. Rental rates vary significantly depending on the location, ranging from up to €600 per square meter per year for Florence South, over €200 per square meter per year for Rifredi and Isolotto, between €120 and €144 per square meter per year for Florence North, and three-digit values for the UNESCO area. The gross annual returns requested by investors are also differentiated, ranging from 10% and above for Isolotto and Novoli, down to 8% for Florence South and the center, where in 2023, a settling around 6-7% was observed for shops in prime positions within the UNESCO area with reliable and solid businesses. In the second half of 2023, investors resumed purchasing apartments in Florence’s historic center, where prices increased by 3.1%, with the aim of generating income through short-term rentals, despite the municipality’s ban in the UNESCO area (which is currently under litigation at the Regional Administrative Court).

Historic Tobacco Factory Reborn as Modern Residential Oasis in Florence

A new residential project called “Zenit” is coming to life in the area of the former Manifattura Tabacchi in Florence. Designed by the international architecture firm Quincoces Dragò & Partners, led by David Lopez and Fanny Bauer Grung, this project will transform the iconic entrance building of the Manifattura into 34 new residential units. Spanning an area of 4,800 square meters, with an additional 1,530 square meters of rooftop spaces, loggias and terraces, the project aims to preserve and enhance the original architecture, reinterpreting it in a contemporary and sustainable way.

The architects have chosen to preserve the characteristic features of the building, such as the imposing volumes, exposed reinforced concrete structures, and large windows, while introducing modern and comfortable elements. Most of the apartments will feature private loggias and terraces, with privileged views of the restored industrial complex, the historic center of Florence, and the surrounding hills. The completion of the Zenit project is scheduled for March 2026. The new residences are already available for purchase in the experiential marketing suite located on the ground floor of Building 4 of the Manifattura Tabacchi (information is also available on www.liveinmanifattura.com), and the partnership with Savills has been renewed for the commercialization of the residential units. Zenit takes shape in the two wings of the entrance building of the Manifattura Tabacchi, which formerly housed the management, offices, and lodgings of the old factory.

Built between 1936 and 1940, the distinctively curved building features a monumental portal decorated with original bas-reliefs by the sculptor Francesco Coccia. This historical heritage becomes an integral part of the project’s identity, even in its name: Zenit was one of the cigarette brands produced at the Manifattura Tabacchi. The ground-floor apartments will be developed over two levels, taking advantage of the exceptional height of the original spaces to create a new mezzanine level. The living areas will extend outwards into cozy covered gardens or private terraces. The first-floor residences, arranged on a single level, will feature spacious private panoramic outdoor areas on the rooftop, accessible from the living area via a spiral staircase.

Zenit will enjoy privileged views of landmarks of the Manifattura Tabacchi’s regeneration, such as the Chimney Courtyard and Piazza Emanuela Loi, destined to host extensive green areas and cultural activities, as well as the skyline of Florence, the cultivated fields of the Agricultural Institute, the Cascine park, and the verdant hills. Future residents of Zenit will have access to numerous exclusive amenities, including a fitness room, a workshop equipped for bicycle maintenance, a pet room dedicated to the care of domestic animals, and a furnished condominium rooftop of approximately 400 square meters. Zenit is a candidate for achieving the Breeam Excellent environmental certification. All apartments, rated Class A1 or higher, will be equipped with state-of-the-art technological systems and rainwater recovery and recycling systems. Zenit follows the launch in 2022 of Anilla and Puro (a total of 45 units), currently in the final stages of construction in Buildings 7 and 12 and designed by Patricia Urquiola and the Florentine studio q-bic, respectively.

This project is part of the ambitious redevelopment plan promoted by the real estate company of the Cassa Depositi e Prestiti Group and Aermont Capital, with the coordination of MTDM – Manifattura Tabacchi Development Management Srl, which envisions the recovery of the historic industrial area by 2026, transforming it into commercial and office spaces, cultural and educational facilities, residential areas, hospitality, and public green spaces, totaling approximately 110,000 square meters.

According to Michelangelo Giombini, CEO of MTDM, “Manifattura Tabacchi is progressively transforming into a new, vibrant neighborhood that will be a protagonist in the social and economic life of Florence. Zenit is an important step in this journey, as it perfectly represents the synthesis of tradition and avant-garde design, promoting a high-quality lifestyle while prioritizing environmental and people’s well-being. Our goal is to create a sustainable and scalable model of urban regeneration, demonstrating that it is possible to develop by repurposing historic architecture – in this case, the factory built by Pier Luigi Nervi in the 1930s – choosing to preserve rather than demolish, enhancing green spaces, and offering the community of residents, professionals, students, and tourists a stimulating environment from an architectural, cultural, and professional standpoint.”

David Lopez Quincoces and Fanny Bauer Grung stated, “The project of recovering and transforming the former industrial spaces of the Manifattura Tabacchi is the result of a careful balance between preserving existing historical elements and introducing contemporary features that are functional for its new intended use. The meticulous attention paid to preserving the original elements, creating new spaces, and integrating modern technology reflects a comprehensive and thoughtful approach to renovation and design. The traces of the industrial past integrate with the new residences, as if seeking a kinship, a connection with the place. The old factories become an integral part of the new residences, a symbol of continuity and belonging to the territory. The result is a delicate balance between contemporary elements and highly historicized elements, a prudent choice aware of the context’s complexities.”

Source: Il Sole 24 Ore
Images: The Florentine and Manifattura Tabacchi

Trump Ally Tom Barrack Exits Luxury Florence Real Estate Project

Billionaire real estate investor Tom Barrack, known as an advisor and major supporter of former President Donald Trump, is exiting a prime 18,000 square meter (193,750 sq ft) development in the heart of Florence, Italy after a decade of ownership before the site’s transformation into luxury residences could be completed.

Through his Colony Capital investment firm, Barrack in 2013 acquired the former headquarters of Cassa di Risparmio di Firenze bank on the prestigious Via Bufalini near the iconic Piazza Brunelleschi. Plans called for converting the historic property into upscale condos and apartments designed by the acclaimed Genius Loci architecture firm.

The Arab-American tycoon, a close friend of Trump for over 30 years who chaired the former president’s 2017 inaugural committee, was arrested in 2021 on charges of illegally lobbying on behalf of the United Arab Emirates. Barrack, whose other major deals included buying and flipping the luxury Costa Smeralda resort from the Aga Khan and Michael Jackson’s Neverland Ranch, is now selling the unfinished Florence renovation project. The buyer is an Italian real estate fund founded by Eugenio Radice Fossati.

While the sale price was not disclosed, the property’s coveted address between the Arno River and Florence’s iconic Duomo cathedral ensures it will command a top premium. The new owners aim to complete the upscale residential conversion at this crossroads of art, finance and la dolce vita in Tuscany’s Renaissance capital.

Source: Repubblica Firenze

Tuscan Real Estate Skyrockets: Florence Nears Jaw-Dropping €4,200/sq m Peak

The Tuscan real estate market experienced a lively quarter in 2024. According to data from Immobiliare.it Insights, home sales registered an increase of 1.4%, while rentals saw a surge of 4.3%. The average selling price in the region stands at €2,536 per square meter, while the average rental request is €15.3 per square meter. Despite the increase in rental prices, demand for purchases grew by 16.3%, a sign of a still lively interest in buying properties. However, the supply of homes for sale continues to accumulate, with an increase of 5.1%.

In Florence, with an average price of almost €4,200 per square meter, it confirms itself as the most expensive city in the region, with an increase of 0.8% in the first quarter of 2024. Rents reached an average of €22.6 per square meter, but demand for rental properties fell by 6.6%, with a 2% drop in supply. Demand for purchases, on the other hand, grew by 14.2%, despite the stock of properties for sale continuing to increase (+7.9%). In the other provinces, the trend in home sales follows the regional one, with Carrara increasing by 2.6% and Massa Carrara decreasing by 5.6%.

Lucca exceeds €3,000 per square meter. Demand for homes for sale increased by double digits practically everywhere, with Prato standing out with a +41.7%. Supply follows the regional trend, with Siena (+18.2%) and Arezzo (+11.7%) registering the most significant accumulations. For rentals, despite rising prices, in many areas interest has cooled, such as in Carrara (-46%) and Pisa (-22%). However, demand remains high in Grosseto (+61%) and Massa (+53.3%). The supply of rental properties is homogeneous, with accumulations in Arezzo, Florence, Lucca, Pistoia and Prato.

Anticipating Three New Luxury Hotels in Florence

The timeless beauty of Florence continues to enchant tourists from around the world. But it’s not just visitors who are drawn to the Renaissance city; international hotel chains are also making their move, investing in buildings both in the historic center and in the surrounding neighborhoods.

According to Il Tirreno, three new luxury hotels will open their doors within a year, bringing an added touch of sophistication to the Tuscan city. One of these is the Anglo American Hotel Florence, located on Via Solferino and belonging to the renowned American Hilton group. The prestigious hotel opened its doors in early April, occupying a magnificent 19th-century palace. With a total of 118 rooms and suites, along with a charming inner courtyard, this historic structure has already hosted prominent figures such as Leo Tolstoy, Carla Fracci, Rudolf Nureyev, and Maria Callas. Among its amenities are a modern gym and two meeting rooms capable of accommodating up to 70 people.

Among the other hotels scheduled to open within the next two years is the former “Alla Querce” boarding school, located on Via della Piazzuola in the Cure area. With a usable area of over 13,000 square meters, this complex, composed of buildings dating back to the 16th century, will be transformed into a luxury hotel. The South African hotel group “Leeu Collection” has chosen this structure to host the first Italian branch of the L’Auberge Resorts Collection. The property will be managed by Dan Friedkin, owner of Roma FC, and will offer 61 rooms, 20 suites, and an exclusive 210-square-meter suite, for a total of 82 rooms. Among the services offered will be an outdoor pool, a wine tasting room, a spa, a fitness center, an art gallery, and a boutique, as well as outdoor spaces that include a vast garden spread over five levels with a restaurant, bar, and event areas.

Another structure undergoing redevelopment is the former Villa di Camerata, located on Viale Righi at the foot of Fiesole. This complex, owned by the State Property Agency, was sold between 2019 and 2020 and will soon reopen as the first Baccarat Hotel in Italy in 2025. With 5,400 square meters of building space, the property will host 75 rooms, a spa, two pools, a rooftop terrace, and various options for bars and restaurants. Finally, renovation work continues at the Hotel Palazzo Ricasoli on Via delle Mantellate, which will soon shine again as one of the gems of Florentine hospitality.

Florence: the heart of real estate investment still beats. Here’s what emerges from a Tecnocasa study

The real estate market in Florence continues to attract investors, as revealed by a recent study conducted by Tecnocasa. In 2023, 23% of property purchases were made for investment purposes, a figure higher than the national average of 19.5%.

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However, Florence ranks below other Italian cities such as Verona, which boasts a significant 43.1%, followed by Naples (41.2%), Palermo (35.3%), and Milan (35%). The most active age groups in terms of real estate investments are those between 45 and 64 years old, representing 59.2% of the total, with an increasing average age compared to 2022. The two-room apartment remains the preferred housing type for investors, chosen by 38.5% of them, followed by the three-room apartment at 26.9%. The majority of buyers, accounting for 63%, are couples and families, while 37% are single individuals. The latter group has seen a significant increase in market share compared to the previous year, rising from 32.4% to 37%. 81.5% of investors purchase properties paying in cash, while only 18.5% opt for bank financing.

This percentage reflects a further decline compared to previous years, in line with the national trend, attributed by Tecnocasa to the progressive increase in interest rates, prompting investors to avoid bank loans. According to Tecnocasa, in the past year, there has been a further decrease in real estate purchases through mortgages, as the rise in interest rates has encouraged investors to prefer direct purchases without the assistance of financial institutions.

The LEGO Group and Percassi redefine Milan’s real estate space

The Italian real estate landscape is destined for a vigorous evolution, catalyzed by the strategic alliance between the LEGO Group and Percassi, poised to inaugurate their latest endeavor in the heart of Milan.

March 29 marks an unmissable moment with the opening of the 26th LEGO Certified Store, located at Via Dante 4, an enchanting oasis of creativity embraced by the vibrant city center. The inauguration will be anchored by an unprecedented event: facing the store, in Piazza Cordusio, stands a monumental LEGO egg, 4 meters tall and weighing 1,200 kg, a captivating installation destined to enchant passersby. Matteo Morandi, CEO of Percassi Retail, shares the enthusiasm for this adventure, emphasizing the importance of positioning this iconic store in the pulsating heart of Milan, renowned as “the new street of Milan”, destined to become a beacon of creativity for all LEGO enthusiasts. Rossana Mastrosimini, Channel Director LEGO Certified Stores West Europe, reinforces this enthusiasm, celebrating the expansion of LEGO’s presence in Italy and the continuous innovation in the retail concept.

The new flagship store skillfully combines digital and physical elements, offering an ‘immersive’ experience that will enchant both young and old alike. As Milan prepares to welcome this new entry into retail, attention on the real estate market remains lively, especially in the context of a 40% decline in mortgages. However, the luxury segment of the real estate shines as a beacon of stability amidst uncertainties, representing only a small fraction of the total market but significantly contributing to its overall value. According to the Observatory of the Luxury Real Estate Market in Italy 2023, Milan excels as the gravity center for the luxury segment, with a stock of over 6 billion euros, representing 13% of the national total. This data remains surprising considering the solidity and consistency of the sector, with 99% of the stock composed of apartments, reflecting constant demand and sustained growth.

This upward trend has not escaped the LEGO giant, which in 2022 has already made its triumphant entry into Florence, converting spaces previously occupied by the Disney store.

In collaboration with Percassi, this new LEGO emporium introduces unprecedented innovation: the “Mosaic Maker”. Customers now have the opportunity to create personalized portraits using only LEGO bricks, through a process that transforms a photo into a set of 4,500 pieces, making the memory tangible and unique. In a context of continuous transformation, the LEGO Group and Percassi emerge as small but great pioneers, redefining not only the retail landscape but also the real estate space, weaving an increasingly vibrant and creative urban fabric for future generations.

Image: LEGO Firenze


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