immobiliare

The Castles of Gaiole in Chianti and San Donato in Perano: Stories of History, Wine and Real Estate

By Columbus International,22 January 2024

Gaiole in Chianti, in the heart of the province of Siena, continues to be the stage for an epic narrative involving two castles steeped in history, noble houses, and winemaking traditions. While the Castle of Gaiole still seeks its guardian, another fortress, the Castle of San Donato in Perano, awaits a new chapter in its millennia-long story. San Donato in Perano is a fortress that speaks of centuries-old battles and nobility, of hills holding secrets between heaven and earth, and of wine flowing like vital blood through the history of Chianti. Despite its medieval charm, the fortress has failed to find buyers in past auctions, including the one in 2017.

Now, it prepares for a new sales attempt on April 8th, with a starting bid of 3.2 million euros. San Donato in Perano is not merely a testament of stone and history; it was the pulsating heart of Chianti Classico production. However, the crisis severely impacted the industrious agricultural estate of the Strozzi family, leading to the sale of its viticultural part, now owned by Frescobaldi. Despite the castle retaining its majesty amidst the gentle hills of Siena, the absence of its vineyards seems to have compromised its appeal in the eyes of investors.

The castle, with its vastness encompassing villas, residences, and chapels with ancient souls, seeks to allure distinguished buyers with a collection of precious furnishings and historical machinery. However, without its vineyards, the castle risks losing part of its allure, failing to engage those who seek not only history but also profitability. The future of San Donato in Perano hangs in limbo, and speculations about its transformation are diverse. Some dream of seeing it turned into an exclusive resort, while others hope for a patron who can enhance its history.

Enthusiasts of culture and historical heritage hold their breath, hoping that this castle does not become yet another forgotten beauty. While awaiting that spring auction, Chianti looks at its castles with a mix of nostalgia and hope. It is wished that someone can recognize in them not just real estate but true pieces of Italian history to preserve and cherish for future generations.

Chef Bottura Brings Culinary Masterpiece to Miami with the Opening of Torno Subito

By Columbus International,18 January 202418 January 2024

Chef Massimo Bottura and his wife Lara Gilmore know how to blend real estate and taste, given the imminent opening of their restaurant. It’s called Torno Subito and will be located on the rooftop of Julia & Henry’s in Miami. The opening is scheduled for 2024. We are still awaiting the completion of construction at the historic building located at 200 E. Flagler St. This establishment will add vibrant colors and classic Italian cuisine to the renowned Julia & Henry’s, a gourmet food hall and seven-story entertainment complex. In a recent interview with New Times, the couple, known for their acclaimed three-Michelin-star restaurant, Osteria Francescana in Modena, Italy, shared details about their culinary journey.

They were in Miami to promote their third collaborative book, “Slow Food, Fast Cars: Casa Maria Luigia – Stories and Recipes,” published by Phaidon. Osteria Francescana has been ranked first on the World’s 50 Best Restaurants list twice and is currently part of the Best of the Best list. The couple has also made a mark through collaborations with prestigious brands such as Gucci and Ferrari. In 2019, they opened Casa Maria Luigia, a hotel villa near Modena, and their latest book narrates its stories, provides regional recipes, and explores the inspirations behind their creative projects.

Torno Subito originated in Dubai in 2018, filling a void in the city’s culinary scene. The concept bridges the gap between contemporary fine-dining Italian restaurants and rustic pizzerias, infusing the atmosphere with the vibrant and colorful elements of 1960s Dolce Vita and Italian design. Miami became the chosen location for Torno Subito as investors, captivated by the Dubai restaurant, believed it was an ideal fit for South Florida. Lara Gilmore emphasizes the readiness of the space, filled with color and life, as the original chef from Dubai, Bernardo Paladino, works on refining the recipe concept in Miami. Massimo Bottura’s inspiration for Torno Subito draws from his childhood spent in Rimini, the hometown of acclaimed Italian director Federico Fellini.

Fond memories of summer by the seaside with family serve as the foundation for creating joyful experiences through the restaurant. Torno Subito in Miami will stand out with its focus on authentic Italian dishes prepared in a wood-burning oven, echoing the culinary style of their Italian guesthouse, Casa Maria Luigia.

The menu, featured in “Slow Food, Fast Cars,” showcases specialties unique to the Emilia-Romagna region, ranging from roasted vegetables to baked ricotta and warm focaccia. The book also captures the essence of Casa Maria Luigia, a 12-room villa, highlighting its distinctive features such as cuisine, contemporary art, interior design, music, and the presence of cars and motorcycles. The villa is available for rent as a whole or as individual rooms, offering guests a glimpse into the charm and allure of this idyllic retreat.

Source: New Times

Residential Price Surge in Italy: Arcano Partners Forecasts a Gradual Increase of 1-5% Annually

By Columbus International,17 January 2024

Arcano Research anticipates a steady rise in housing prices in Italy. The recently debuted research firm expects an annual increase of 1% to 5%, driven by recovering demand, improved family purchasing power, and a persistently low housing supply despite the rebound in construction activity.

Compared to other major European countries, the number of new homes constructed in Italy remains relatively low, even with the increase in building permits. This helps to mitigate the rise in raw material costs that typically impacts construction activity. Ignacio de la Torre, Chief Economist at Arcano Partners, highlighted positive signs of recovery in both the sentiment of the construction sector and the activity, which, coupled with the decrease in construction costs, is expected to lead to an acceleration in the initiation of new construction projects in the next twelve months. However, this pace may not be sufficient to close the gap with other major European countries. In the long term, Arcano’s analysis suggests that housing prices tend to follow salary trends and the nominal GDP growth, with Italy well-positioned to narrow the negative gap with the rest of Europe.

According to the analysis, estimates for the next year indicate a real GDP growth of 0.5% in Italy compared to 0.7% in 2023, before accelerating to 1.2% in 2025, a trajectory lower than the expected average European growth for 2025. Medium-term challenges include managing public finances and the labor market, areas that will require further structural reforms to align Italy with high per capita income countries. In the short term, however, Arcano Research suggests that economic growth will slow, but not significantly. Moreover, in the current economic cycle, Italy appears better positioned than other countries like Germany, thanks to less exposure to China’s weakness and a stronger presence in robust service sectors such as tourism.

Private consumption will remain the primary driver of growth in the medium term. Families will have more spending capacity, drawing from excess savings accumulated during the pandemic and benefiting from a partial recovery of their purchasing power, with salaries expected to increase more than inflation in 2024. Structurally, the research notes that the adjusted labor cost for productivity in Italy remains competitive, and there are ample growth opportunities in terms of potential labor supply with the implementation of necessary structural reforms.

Source: Il Sole 24 Ore

West Village Claims Title for New York City’s Priciest Real Estate, Says The Wall Street Journal

By Columbus International,17 January 202417 January 2024

According to The Wall Street Journal, the West Village, located along the Hudson River in lower Manhattan, exudes the charm of old New York, and homeowners are willing to pay a premium for it. In December, the neighborhood’s 10014 ZIP Code claimed the title of the city’s most expensive residential real estate based on median price per square foot, reaching $2,366, as reported by Realtor.com (operated by News Corp, owner of The Wall Street Journal).

The high cost per square foot in this ZIP Code is attributed to the fact that much of the limited housing stock, spread across approximately 0.57 square miles, is located in a historic district. The Landmarks Preservation Commission reviews and approves any demolition of existing structures and new construction, keeping the housing supply relatively low, explains Jared Barnett, a real-estate agent and co-founder of Compass’s the Barnett-Bittencourt Team. He emphasizes that the scarcity in supply contributes to the higher prices in the area.

The West Village, with its rich cultural history rooted in arts and entertainment, also boasts some of the most sought-after restaurants and shopping destinations in New York City. Notable places include the historic jazz club Village Vanguard, the rustic Italian restaurant L’Artusi, the Cherry Lane Theatre (the oldest continuously running off-Broadway spot in NYC), The Stonewall Inn (a significant site for the LGBT civil-rights movement), and the literary haven Three Lives & Company. Following the West Village, Tribeca’s 10007 ZIP Code ranks second in New York City for the most expensive median price per square foot, reaching $2,136 in December. However, Tribeca’s 10013 ZIP Code claims the city’s highest median listing price at $4.93 million.

For potential buyers in the West Village, Columbus International recommends keeping in mind the various architectural styles, ranging from Greek Revival to Art Deco to Italianate. We suggest exploring the variety of housing options, including townhouses, classic doorman co-op buildings, historic homes, and modern residences, especially along the river. The price per square foot varies widely, from approximately $1,000 to $5,000 or more. To prospective buyers, we advise assessing the differences between co-ops, which involve rigorous approval processes, and condos, offering greater flexibility to owners, in order to make informed decisions in this diverse neighborhood.

Manhattan Real Estate Sees Record Cash Transactions Despite Mortgage Rate Surge

By Columbus International,4 January 2024

Manhattan’s residential real estate landscape is witnessing a historic surge in cash transactions for condominiums and co-ops, setting a new record despite recent signs of a slight easing in mortgage rates.

According to the Manhattan quarterly sales report by Douglas Elliman, compiled by appraiser Miller Samuel and released on Wednesday, cash sales accounted for over two-thirds of transactions in the fourth quarter, marking a significant increase from the third quarter’s 56.7%. This surge in cash purchases is attributed to a “sharp rise” in mortgage rates, reaching the highest levels since 2000.

Freddie Mac data reveals that by October, the 30-year fixed-rate mortgage had climbed to nearly 7.8%, a level not seen since 2000, driven by the Federal Reserve’s series of rate hikes over the past two years. However, there was a slight decrease below 7% in mid-December, and recent indications suggest a continued downward trend in rates. The Federal Reserve has hinted at the possibility of further rate cuts this year, which could potentially stimulate the sales market.

The fourth-quarter report also highlights a 5.1% year-over-year increase in the median sales price in Manhattan, reaching $1.16 million. This uptick marks the first increase in five quarters and represents the second-highest fourth-quarter level on record. Concurrently, the year-over-year listing inventory declined for a third consecutive quarter, contributing to the overall market dynamics.

Jonathan Miller, the President and CEO of Miller Samuel, anticipates that potential rate cuts by the Federal Reserve could invigorate the sales market, diverting demand from the highly competitive rental market. This shift in demand is evident in a separate Elliman report, revealing a drop in the median rent in November for the first time in over two years, signaling a cooling trend in Manhattan’s previously red-hot rental market.

New Gems of Italian Hospitality in 2024: From Florence to Capri, Here Are the Unmissable Hotels

By Columbus International,3 January 2024

Among the New Year’s resolutions, the enthusiasm for exploring new places and enjoying a bit more luxury during travels is inevitable. Tourist destinations in Italy are enhancing their offerings, with historic hotel groups and smaller boutique hotels ready to welcome tourists with high-quality services, pampering, and captivating designs.

Here’s an overview of the most anticipated hotels in Italy in 2024.

Florence: Collegio alla Querce, a Garden Hotel with a View of the Duomo
Auberge Resorts Collection expands to Florence with a complex that encompasses three 16th-century buildings, complete with original chapel and theater. In the former preparatory school, a new hotel with 61 rooms, 20 suites, and a 210-square-meter master suite has been created. Guests can enjoy baroque gardens overlooking the Duomo on one side and lush Chianti vineyards on the other. The heart of the hotel is an internal garden illuminated by a skylight, adorned with lemon trees, and featuring an impressive fireplace. Collegio alla Querce offers a complete experience with a restaurant, a glass-enclosed garden room, a bar, a cigar lounge in the former admissions office, and a poolside bar offering unique wood-based cocktails.

Florence: Anglo American Hotel Florence, Charm, and Sustainability
Hilton’s Curio Collection presents the new Anglo American Hotel Florence in the historic center of Florence. The structure reflects the city’s majestic charm and places particular emphasis on sustainability, with the restoration of original architectural features. The hotel’s outdoor courtyard hosts a Tuscan menu inspired by local flavors and traditions.

Milan: Max Brown Missori, Milanese Style and ’70s Vibes
The Dutch boutique hotel group Max Brown makes its entrance in Italy with a 64-room hotel in Milan, Max Brown Missori. The mission to infuse the cheerful and refined style of Sircle Collection was entrusted to interior designer Saar Zafrir, who, in collaboration with the in-house design team, renovated and redesigned the property drawing inspiration from ’70s vibes. Most of the original furniture has been restored, while others have been donated to local charities. Max Brown Missori aims to be a welcoming and charming place for travelers wishing to immerse themselves in Milanese life like true locals. For this reason, Italian-made details like colorful SMEG kettles will be incorporated, along with items from around the world, such as a Crosley turntable in each room, and communal spaces designed to encourage social moments (e.g., a basketball court). With many rooms overlooking the Garage delle Nazioni, the hotel also offers a lively ground-floor area ideal for meetings, rest, or work.

Milan: Calimala, a Surprise in the Shadow of the Madonnina
Born in Florence, where it boasts one of the best rooftops in the city, Calimala opens a second hotel in Milan, near Porta Venezia at Via Melzo 7. This will be a 90-room hotel with a gym, 2 rooftops, a bar, a restaurant, and a pool. Little is known yet, but if the style mirrors that of Florence, we can expect interiors dialoguing between historic structures and modern furnishings.

Rome: Casa Monti, an Artistic Residence Celebrating the Dolce Vita
The Leitmotiv family-managed group will debut in spring in Rome with Casa Monti. The new hotel will pay tribute to the Rione Monti, with its craft shops, wine bars, and contemporary art galleries. The five-star hotel will consist of 36 rooms, a restaurant, an aperitif bar, a terrace, and a spa with a panoramic view of the city. The design is by Laura Gonzalez, conceived as an artistic residence open to the world and the city, celebrating the sweet life, inspired by the muse of Rome and its neighborhood. Casa Monti draws from a vibrant community and celebrates eccentricity and pleasure. A color queen, Laura Gonzalez was the right person to interpret that feeling of relaxation and nonchalance that the world envies us.

Rome: Romeo, Between Zaha Hadid and the Sixteenth Century
The Romeo collection, launched in 2023, is making giant strides to become one of the benchmarks of Italian hospitality, thanks also to renowned international architects. The project for the new hotel in Rome is signed by Zaha Hadid Architects and is nestled in a distinctly Italian sixteenth-century palace not far from Piazza del Popolo, once the residence of the Serroberti-Capponi family and now ready to offer dream stays. The studio has had the opportunity to reinterpret its “no stairs-no texture” motif here in an entirely new way: the use of Italian marbles and precious woods creates a new dialogue with the city of Rome, expressed in the 74 rooms and suites, with magnificent views and original frescoes restored to their former glory. The hotel also boasts Il Ristorante, a gastronomic venue directed by Alain Ducasse, the world’s most starred chef. Romeo Roma also has a courtyard with an indoor and outdoor pool, from which you can admire the archaeological ruins. The offer is completed by site-specific installations by renowned contemporary artists, a rooftop lounge bar, and La SPA Sisley Paris.

Rome: Corinthia, Michelin-starred Cuisine under the Frescoes
Corinthia also announces a new opening in the Eternal City, scheduled for summer, in Piazza del Parlamento. The former headquarters of Banca d’Italia, built in 1904, welcomes with an imposing entrance into the two-story lobby. Ensuring hospitality excellence, from food to room service, will be Carlo Cracco. With such a name, it was imaginable that the cuisine would play a central role, and indeed, the ground floor is animated by a restaurant surrounding the garden. The interiors were created by G.A Design, and there are 60 rooms and 21 suites, a rooftop, a luxury spa. The environments have been preserved with original chandeliers and classic marbles, renewed, however, with elements of a more modernist taste. The hotel’s Signature Suites will have private balconies with views of the elegant square and the city’s majestic monuments. Guests will also have access to a spa with a vitality pool, relaxation area, sauna, steam room, and treatment rooms. The Historic Suite, the hotel’s most exclusive, will feature marbles in all its parts (starting with the sculpted bathtub) and full-wall windows.

Rome: J.K. Place Residence Club, a New Way to Stay in the City
A great mystery also surrounds this boutique hotel that will open inside a noble 17th-century Roman palace, once the seat of the architecture faculty, a short walk from Piazza di Spagna. The hotel will be accompanied by the Residence Club consisting of 15 new apartments on Via dei Prefetti, designed by the Florentine architect Michele Bonan. Each Residence will have a butler and a private concierge service, while among the common areas there will be a restaurant, a private lounge, and a state-of-the-art gym, open to both club members and guests staying at J.K. Place Roma.

Capri: Grand Hotel Quisisana, a Rich History Update
Since 1860, the Grand Hotel Quisisana has been synonymous with the splendor of Capri, its sea, and its exclusive clientele. Originally built in 1845 as a sanatorium (as the name suggests), the hotel is rich in history and features a Liberty-style theater designed by Giò Ponti in 1929. Over the years, figures like Ernest Hemingway and Jean Paul Sartre have crossed the marble lobby and admired the beauty of the park. The sun-drenched bedrooms are the quintessence of maritime leisure, with bright floors and furnishings emphasizing the view. For the 2024 season, there are many novelties, starting with the Colombaia restaurant, offering Italian-inspired cuisine and an extensive wine list. An outdoor pool, tennis courts, and new rooms will also be inaugurated. Equally important is the completion of the transition to solar water heating and the production of 100kw, the largest private solar production in Capri.

Source: Elle Decor

New York City Foreign Investment Surges to 4-Year High: 32% Buyers Worldwide

By Columbus International,22 December 2023

Amid the backdrop of the pandemic, foreign investors, who had been on the sidelines, reentered the city’s sales market in 2023, marking the highest proportion of the total buyer pool since 2019. According to a report by brokerage Avison Young, international buyers comprised 32.4 percent of the city’s investors this year. This surge surpassed the figures for both 2021 and 2022 and slightly edged out the 32.3 percent recorded in 2020. As of mid-December, the dollar volume for 2023 had tripled year-over-year, propelling New York City back to the forefront as the prime destination for foreign investment, as outlined in the Avison Young report. The tightening of financing markets in early 2023, exacerbated by the rate hikes of 2022, prompted domestic investors to scale back. This created an opening for overseas buyers, who, equipped with substantial capital, could forgo the need for loans. James Nelson, Avison Young’s head of tri-state investment sales, noted, “Once financing became more expensive and began to dry up, I think that’s when the foreign investors, being cash buyers, were able to compete.”

The primary buyers of city real estate by dollar volume in 2023 were Qatar and Japan, securing the top two positions. Qatar-based firms closed deals surpassing $1 billion, while Japanese investors accounted for just under $1 billion. Japanese buyers were attracted by depreciation benefits and superior returns, explained Avison Young broker Brandon Polakoff. With the yield on the 10-year Japanese government bond remaining below 1 percent throughout 2023, compared to the approximately 4 percent average for the U.S. 10-year treasury rate, the appeal for Japanese investors was evident. Foreign buyers predominantly gravitated towards stabilized assets, evident in recent transactions. In the fourth quarter, Japanese investors concluded deals on three fully occupied, gut-renovated properties, totaling around $35 million. Examples of these transactions included the sale of 96 Sterling Place in Park Slope to Japanese investment firm Sow Kousan for about $17 million and 422 East 81st Street on the Upper East Side to Shink for approximately $11 million, both confirmed by property records. Additionally, Peak Capital Advisors and JAM Real Estate Partners sold 355 East 50th Street for $8 million to Kenbishi Sake Brewing, Japan’s inaugural branded sake brewery.

Looking ahead, if the Federal Reserve implements its projected three rate cuts next year, foreign investors may take a back seat to domestic buyers due to more affordable financing stimulating local demand. “I don’t think foreign buyers are going to be counted out,” asserted Nelson, “but they definitely will have more competition from U.S.-based investors next year.”

Source: The Real Deal

Leonardo Maria Del Vecchio: The Gastronomic Rise of Luxottica’s Fourth Child

By Columbus International,20 December 2023

It’s all a matter of specific weight or, if you prefer, firepower. Three establishments are already open in Brera, in the heart of historic Milan, with declared plans to expand further and the goal of reaching a turnover of sixteen million euros per year. Leonardo Maria Del Vecchio, the fourth child of the former Luxottica owner, is more than just making an incursion into the restaurant world; no special lenses are needed to glimpse the features of a potential new empire. Let’s organize things a bit. Del Vecchio Jr is already the Chief Strategy Officer for the family company, holds the position of CEO of Salmoiraghi e Viganò, and, more recently, has also become part of Triple Sea Food, of which he controls 78% through his holding, Lmdv Capital. Three venues in Milan, as mentioned at the beginning of the article. Let’s briefly outline the timeline: in September 2022, Vesta, a seafood restaurant, arrives. A few months later, in April 2023, Casa Fiori Chiari opens, a few meters away from the “first episode.” The third chapter is Trattoria del Ciumbia, which opens its doors just in time for the Christmas holidays.

The goal, as mentioned earlier, is to achieve an annual turnover of sixteen million euros, making the Brera district a small capital of haute cuisine. “Another challenge was making it clear that three high-level adjacent restaurants would not compete with each other,” explained Davide Ciancio, CEO of Triple Sea Food, “but would expand the market by creating a district capable of attracting our target and establishing itself in the imagination, much like other sectors in the city, starting with fashion.” Ambitious and interesting project, there is no doubt; however, it could be just a prelude to the more comprehensive adventure of the fourth child of the Del Vecchio family in the restaurant world.

The company has already hinted at the opening of two new venues in two other Italian cities, which remain unnamed at the moment. Once this new step is completed, the goal is to shine with new openings in Italian and international tourist hubs. All that remains is to be patient and keep a close eye, in other words. Meanwhile, Leonardo Maria Del Vecchio continues to plan, especially in his father’s footsteps, who passed away shortly before the first Milanese opening: “I wanted to surprise him,” Leonardo Maria explained, “by having his favorite dish on the table: pasta with clams.”

(Source: Dissapore)

Prada Buys Building on Fifth Avenue in New York for $425 Million

By Columbus International,20 December 2023

The renowned Italian fashion house, Prada, announced the acquisition of the building housing its current store on Fifth Avenue in New York for a substantial $425 million. Since 1997, Prada had been leasing the five-story space at 724 Fifth Ave. and executed the purchase using internal resources in cash.

Prada emphasized the strategic significance of the property’s location, citing its increasing rarity and long-term potential as key factors in the decision. The 12-floor building, beyond serving as a retail space, holds the potential to offer office premises and storage facilities for the Hong Kong-listed company, according to the company’s statement.

Notably, New York’s Fifth Avenue holds the title of the world’s most expensive retail street, as indicated by a global ranking by real estate services firm Cushman & Wakefield. Despite robust growth in the Asia Pacific, Japan, and European markets, Prada faced challenges in the wider Americas region this year, with retail sales experiencing a 1.3% decline in the first nine months.

Source: The New York Post

Yves Saint Laurent Unveils Major Leather Atelier in Scandicci

By Columbus International,18 December 2023

An abandoned building formerly owned by the Agenzia delle Entrate now in the portfolio of Cdp Real Asset, becomes the new “home” of Yves Saint Laurent’s leather goods in Scandicci, in the heart of the Florentine luxury handbag district. In close proximity to the manufacturing facilities of Gucci, Prada, Montblanc, and Dior, the Saint Laurent Atelier Maroquinerie has been inaugurated, encompassing 28,000 square meters dedicated to product development, modeling, prototyping, material and technical research, cutting, production, and storage for handbags, luggage, and small leather goods. The investment of €30 million, made by Cdp to transform the disused building into a bright and functional production facility with a view of the hills, has enabled YSL to lease it for 15 years, extendable up to 27, with a purchase option. Currently, 500 people (with an average age of 37 and 53% women) work in the atelier, including 200 hired in the last two years. Another 200 employees are expected to be recruited by 2025, as explained by Francesca Bellettini, President and CEO of YSL and responsible for brand development for the entire Kering Group. The French fashion house defines the structure as a “center of excellence” for the high level of expertise concentrated here, but also a “center of competence” because it houses a company school to train artisans and technicians, becoming a strategic channel for future employment needs.

Saint Laurent was the flagship brand of the Kering Group in 2022, with a turnover of €3.3 billion (+31%), but is experiencing a slowdown in 2023 (-12% at comparable rates in the third quarter). “This center will play a vital role in the development of Saint Laurent, which generates 70% of its revenue from leather goods,” declared Bellettini while cutting the ribbon alongside the President of the Tuscany Region, Eugenio Giani, the Mayor of the Metropolitan City of Florence, Dario Nardella, the Mayor of Scandicci, Sandro Fallani, and the CEO of Cdp Real Asset, Giancarlo Scotti. “Here, creativity will be able to express itself to the fullest – added the manager – also because we are in a territory with a very long tradition in leather goods, which has allowed us to achieve these results.” Cdp expressed great satisfaction with the project, emphasizing that it embodies the mission of revitalizing disused buildings and areas. President Giani and Mayor Nardella recalled the historical, political, and industrial relations between Italy and France, while Mayor Fallani highlighted a redevelopment goal that few believed in a few years ago: giving life back to a public building, known as “Il Palazzaccio,” built 30 years ago and never used.

Source: Il Sole 24 Ore