GlobeSt.com: This project has really been in the works for so long?
Catella: The municipality started talking about this project exactly 50 years ago. The site was originally a railroad station. After the war, there were 40 or 45 projects that were proposed in the community but without success for many reasons.
GlobeSt.com: Such as?
Catella: Many of the owners had different ways of approaching business, different thinking or simply different financial situations and sources. It was hard to get them together to prepare an appropriate proposal to the municipality.
GlobeSt.com: Was it the same ownership over all of those years?
Catella: Some ownership changed but it was substantially the same over the past 20 years.
GlobeSt.com: How did Hines get involved?
Catella: When we came to Italy in 1999, we decided to dedicate our capacity and financial resources to [becoming a part of] Garibaldi. We saw it as an opportunity for us, certainly, but also for Milan to regenerate its image, using Garibaldi Repubblica as its flagship. So we started talking with the municipality and other authorities about a role in the project and, because of Hines' background, in developments in Barcelona and Paris for instance, we proved to them our qualifications.
GlobeSt.com: But this is not a solo property. You are in the development with other joint-venture partners, no?
Catella: We are in control of about 86% of the land. The other 14% is subdivided by two Italian developers who will become our partners. And with them we control the entire development.
GlobeSt.com: Not only is it a first in terms of size, but it is also a first in terms of the public/private component. Can you explain?
Catella: We are obligated to realize the park portion of the project--about 130,000 sm—as well as the museum and the school of fashion. And this is an important issue because it is the first time in the city that different needs and conditions--a public and private component--are coming together in a development to ensure the entire overall quality of the project.
GlobeSt.com: And when is construction timing?
Catella: Construction should begin in 2006 and be complete in 2009.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
