Americans invest in Manifattura Tabacchi

200 million euro to build houses, hotels and shops

Anna McGee
July 30, 2016 - 9:57

US company PW Real Estate Fund III LP and Turin-based bank Cassa Depositi e Prestiti have joined forces to invest 200 million euro to overhaul Florence’s Manifattura Tabacchi building complex.

 

Manifattura-Tabacchi

 

The 90,000 metre-square structure, built in the 1940s, was the site of a cigarette factory near the Cascine park until 2001. Since then the space has been left in large part disused, except when hosting international Pitti fashion events and other leading events like wine preview Chianti Lovers. Previous attempts at long-term rehabilitation of the Manifattura Tabacchi have been unsuccessful.

 

It is hoped that this scheme will finally reboot the factory building and the surrounding urban area, with the construction of housing and office blocks, luxury hotels and student accommodation, and shops. High energy efficiency and cutting-edge technology will be the trademark of these new structures. Given the existing building’s historic value, it cannot be fully demolished, but will be adapted to its modern function.

 

Florence mayor Dario Nardella expressed his approval for the plans: “Manifattura Tabacchi now finally has a future. The whole quartiere will benefit and be valued once again as it should be.”

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