Milan, December 23, 2025 – The Milan City Council has approved a resolution for a memorandum of understanding with Invimit SGR Spa, a company wholly owned by the Ministry of Economy and Finance (MEF) dedicated to enhancing public real estate assets. This agreement marks the beginning of a collaborative effort to regenerate and develop the significant urban area known as “Piazza d’Armi.”
A Vast Area for Sustainable Urban Renewal
The Piazza d’Armi area, a former military site disused by the Ministry of Defense, is located in the Baggio district, Municipality 7. It is bordered by Via Forze Armate, Via Olivieri, Via Cardinale Tosi, Via Domokos, and Via Cardinale Mazzarino, covering approximately 424,000 square meters. Of this, 388,000 square meters are owned by the i3-Sviluppo Italia Comparto 8 quater Fund, managed by Invimit SGR, with the remaining portion belonging to the Milan City Council.
This extensive area represents a significant undeveloped space within the municipal territory. The agreement outlines a transformation process guided by principles that ensure compliance with archaeological, fine arts, and landscape protection regulations. It also mandates the construction of new buildings based on environmental sustainability and the preservation of existing biodiversity.
Green Spaces and Affordable Housing at the Forefront
In line with the Territorial Government Plan (PGT), approximately 80% of the area, exceeding the minimum PGT requirements, will be dedicated to a large urban park. This park will feature equipped and naturalistic paths, sports areas, and playgrounds. Special protection will be given to the unique environmental characteristics of the “Bosco delle averle” (Shrike Wood), a 1.7-hectare area in the northwest of the sector, named for the presence of the red-backed shrike.
The park’s design will be determined through a public competition conducted in agreement with the Superintendence. Future construction will be concentrated in the “ex Magazzini di Baggio” (former Baggio Warehouses) portion, which is subject to indirect protection by the Superintendence. While the PGT allows for 144,000 square meters of buildable area, only about 122,000 square meters will be developed. The remaining 22,000 square meters (owned by the City Council and Comparto 8 quater) will be transferred to other municipal areas for the construction of affordable housing and social facilities.
The planned functions include new residences, largely intended for subsidized rentals for young couples and essential public service workers. Neighborhood shops, public services, and medium-sized retail structures are also envisioned. The next step involves signing the framework urban planning agreement, following the procedures outlined in the current urban planning instrument.
Commitment to Sustainable Development and Community Needs
Anna Scavuzzo, Deputy Mayor with responsibility for urban regeneration, commented on the protocol: “The commitments in this protocol confirm the determination of the administration and Invimit SGR to continue the path that will lead to the reopening of an important area to the public, with an intervention of redevelopment of the built environment and the safeguarding of a valuable green public space. The park that will be created is destined to become, by extension, a large public city park, connected to the green system of the west, from the nearby Parco delle Cave to that of Trenno and the Bosco in città. To protect the neighborhood and the overall sustainability of the intervention, the volume that will be built in the area has been reduced, and the excess will be moved to other interventions where we deem the transfer appropriate and sustainable. The balance between public green spaces and residential buildings at subsidized rents constitutes the guidelines provided with the design indications for this area, also agreed with Municipality 7: we are satisfied that these have been incorporated into the protocol that will lead us to the signing of the urban planning agreement.”
Stefano Scalera, CEO of Invimit SGR, stated: “Today, we lay a symbolic first stone to launch a project focused on sustainability, which meets the needs of the city of Milan and, at the same time, is able to guarantee the interests of our unitholders (to whom we are legally obliged to return a fair yield). We have been engaged for months in revising the project we inherited, to ensure that Piazza d’Armi undergoes urban regeneration. We were immediately willing to waive a significant portion of the gross area due to us, because Invimit’s mission – as it is funded by public resources – is to assume a percentage of the risk to enable the realization of projects like this, which private entities are less interested in given the perceived low profitability percentages. Specifically, following the correct approval process, we will build – in addition to an extensive city park, whose area will occupy 80% of the site – approximately 1700 apartments, of which 700 will be rented to public employees in essential services (nurses, police forces, public administration employees) with subsidized rents not exceeding 30% of their salaries (equivalent to rents of approximately 450 euros per month for 40/50 sqm apartments for single occupancy or 900 euros per month for larger apartments for working couples). For the correct definition of the project, we will implement the already initiated dialogue with the city diocese, institutions, Defense, local associations, and all involved parties. We are confident in the success of an operation capable of providing a concrete contribution to housing access and the right to public green spaces.”
Source: https://www.monitorimmobiliare.it/monitorimmobiliare/notizia/rigenerazione-urbana-a-milano-protocollo-d-intesa-per-piazza-d-armi-tra-comune-e-invimit-sgr_2025-12-23161328/
