05 September 2021

The impacts of the urban renewal of the former Falck areas and value creation for Italy and its economy

The former Falck site occupies 1.5 million m2 in the town of Sesto San Giovanni (Milan). An area which, until the 1990s, was home to the Falck steelworks and which, since the closure of the works, has remained vacant and unutilized. The site is now the object of a major renewal project developed by Milanosesto S.p.A. and Hines, with project management entrusted to Prelios. It is the most important urban renewal project in Italy and one of the largest in Europe.

The project includes the construction of a pole of healthcare excellence, the Città della Salute e della Ricerca, as well as private residential areas, stores, offices and other facilities. The European House – Ambrosetti has provided support to Milanosesto and Hines in the elaboration and assessment of the expected impacts of this initiative by focusing analysis on the spin-offs from the construction of the first two lots: Unione 0 – which will include residential housing for rental at market rates and also affordable (rent controlled) housing, offices, student housing, a hotel and retail spaces for both food and non-food stores, bars and restaurants – and Città della Salute e della Ricerca which will house the new headquarters of the Istituto Besta and the Istituto dei Tumori.

Executive Summary


Press release