Corso Buenos Aires 59 – an exciting retail destination with a roster of high profile tenants right in the heart of Milan will launch in December 2021.
Developed by the leading real estate investment management firm MARK, the mixed-use retail and residential scheme is located on the corner of Corso Buenos Aires and Via Petrella. MARK is repurposing the former Corti di Baires shopping precinct, which has laid derelict for five years.
The construction works, which have been carried out throughout the Covid pandemic, have been built to high environmental and sustainability standards. Extensive ground source heat pumps provide the heating and cooling system, which in turn are powered by PV panels on the roof.
The retail element of CBA59 which will comprise six large shops of 8,000 m2 of rentable area, will bring a number of new brands with exciting concepts and significant footfall to this location.
The leasing process, which has been carried out over the past 18 months, has yielded an impressive lineup of tenants:
Giambattista Camellini, Partner and Managing Director Retail Advisory by Rustioni & Partners comments:
“BA59 is meant to bring new vitality to Corso Buenos Aires, a prime shopping destination in Milan. The scale and ambition of the project were quick to turn into reality when some of the most influential international brands showed interest, despite the pandemic and the subsequent restrictions. This is how BA59 turned into an innovative project featuring international brands, some of which have trusted in the project and approached the city centre of Milan for the first time, along with more firmly rooted ones. Today BA59 offers a unique and high-end retail landscape.”
Peter Evans, Senior Vice President at MARK comments:
“When planning Corso Buenos Aires 59, we carefully considered the location and observed the lack of large flexible retail units on this, one of the most important retail streets in Milan. The metro line which runs under the street delivers unprecedented access to a very large number of people from a very wide catchment to our doorstep. We set out to redefine the prime retail pitch on CBA and with the tenants we have contracted with, we believe we potentially are developing one of the best high street retail schemes to open in Italy in years.
The fact that all these retail leasing deals have been signed during the Covid pandemic, when much of Milan has been operating under very severe restrictions, speaks very highly of the resilience of the City and the retail market in particular. We are very excited to see these fantastic retailers opening in the scheme.
Reflecting on its location, Corso Buenos Aires 59 will stand as a destination for a greener, resilient, value focused world, where smarter design feeds into a new way of urban living and the commercial success and demands of tomorrow.”
The residential element of CBA59, currently under renovation, includes 166 new apartments with a wide choice of studio, 1,2 and 3 beds. All apartments will be provided with modern conveniences and amenities meant to make life simpler, such as a reception, event rooms, fitness rooms and co-working spaces. Additionally, private garages, personal storage rooms and secure parking for bicycles and motorcycles are available to buyers. All the apartments have been sold off-plan.
Corso Buenos Aires is one of Milan’s busiest and most important shopping streets. It is 1.5 km long with over 300 brands and an average daily footfall of nearly 7000 people.
Paolo Bottelli, Managing Director on Kryalos and project advisor comments:
“This urban regeneration project is significant because of the high potential of the area for both residential and retail, a strategic street of Milan where major changes are taking place, and investors are showing interest. New strategic brands opening their stores in Corti di Baires will further elevate the local retail industry, with an overall positive financial, societal, and environmental impact.
The street is at the heart of Milan’s urban improvement strategy. From Porta Venezia to Piazzale Loreto, plans are underway to bring tree-lined streets, bike paths and wider sidewalks. A widescale plan is underway to make the area greener, decrease traffic and pollution, ultimately improving the quality of life for residents and visitors who wish to experience the true Milanese urban style”.
Urban repositioning projects like CBA59 has always been at the heart of MARK’s value-add strategy. Earlier this year, the investment management firm launched a Paris-focused urban regeneration platform that will invest in opportunities that deliver positive environmental and social outcomes. Named MPUR, the strategy has secured the prestigious ISR certification, underlining its strong ESG credentials.
Other noteworthy projects from MARK include The Whiteley, London – a £1bn luxury residential, retail and dining complex which includes a Six Senses hotel and spa.