Joint investors Hines - a global real estate firm - and Blue Noble - a real estate investment management company - have finalised a lease agreement with Starhotels to manage part of Corso Italia's asset in the heart of Florence, Italy.
The agreement with the Italian hospitality leader Starhotels comprises the management of three of seven buildings at Corso Italia, the former home to the 'Teatro del Maggio Fiorentino'. A new residential rental offer - Il Teatro Luxury Apartments – Starhotels Collezione - will also be introduced, offering a diverse range of 140 upscale apartments for unique short-medium term stays. This new innovative offer matches the growing demand for residential rental properties.
"This deal is of great significance to us, as the city's former theatre will be reimagined as an innovative residential rental product with flexible options to meet the needs of increasing mobile guests," said Mario Abbadessa, Senior Managing Director & Country Head of Hines Italy. "We finalised our first investment in Florence in 2016 with the acquisition of an asset in Via Tornabuoni. We will keep investing in the city as its world-renowned for cultural and artistic wealth. We believe in Florence and its future potential, and our urban projects are designed to give back renewed spaces to the community, creating value for the city."
"Blue Noble welcomes Starhotels to our proposed residential rental offering in the historical city of Florence," added Paul Forshaw, Founding Partner & CEO, Blue Noble. "As the city's former theatre, the site has a significant cultural heritage and historical importance. Starhotels is an Italian brand with an appreciation of Florentine culture. We believe that they are naturally positioned to reflect this in the operation of exceptional short-medium term housing solutions meeting, and exceeding, the demands of increasingly mobile guests."
The rental apartments are slated to make their market debut in 2024, featuring over 170 parking spaces, a Conciergerie, a terrace with solarium, a wellness centre, a gym, and spaces for the whole community devoted to children, coworking and dining experiences. A core objective of the regeneration plan is to upgrade the surrounding area, including plans for a new piazza, to become a destination of interest for Florence. In addition, the redevelopment will also include several apartments for sale.