CDS, one of the leading retail property developers in Italy, and Multi Corporation, one of Europeʼs main shopping centers and urban regeneration developers, have signed a planning agreement with Rome City Council for the construction of the "Forum Valle Aurelia" mixed use retail project. This agreement was the final agreement to be signed with the Rome City Council before the issue of the construction permit, which is expected shortly.
Forum Valle Aurelia will have a total area of c. 20,000 m², and will be constructed on a site formerly occupied by a brick factory which will be preserved and repositioned into a neighbourhood cultural centre. The project includes a multilevel shopping centre with a PAM Group supermarket of over 4,000 m² as food anchor, a food court with bars and restaurants and an office building of c. 3,000 m². The Forum will be developed by Multi Development-C Italia, a joint venture of CDS and Multi Corporation. CDS and Multi Corporation will invest into the project through Multi Veste Italy 2, a special purpose vehicle in which they have a 25% and 75% interest respectively. CDS Costruzioni, the CDS Groupʼs general contractor, will be responsible to carry out the urban construction work.
The Valle Aurelia in Romeʼs western district is less than a kilometre away from the Vatican, and is very well served in terms of public transport trough a Line A Metro station and a FR3 railway line station. Two major roads converge here, the via Aurelia and the viale dei Colli Portuensi, providing easy access from the outskirts of Rome.
The Forum is part of Rome City Council Urban Regeneration program, a plan to support the development of new and sustainable growth poles. Construction works are expected to start in 2011 and take up to two years.
"The requalification of urban areas is a major trend across Europe. New styles of living and an increasing awareness towards sustainable developments are major drivers to be considered when approaching new development projects. The focus is to develop multifunctional commercial projects that are synergic with the surrounding city structure and integrated in the urban context," declared Enzo Danesi, CDS Chairman and CEO. "These are complex projects because the requirements of many stakeholders need to be considered: investors, retailers, local government and communities. Inner-city redevelopments are becoming key for retail developments in Italy, and CDS is determined to be a major player in this sector. Thatʼs why we have decided to play simultaneously the role of investor, developer and constructor in the Forum Valle Aureliaʼs project, a major urban requalification project for the city of Rome."
Source: Twister Communications