The Commercial Real Estate EdgeBy Francesco (Frank) Tommaso
In the world of commercial real estate, few projects capture the balance between vision, purpose, and execution like this one. What began as a temporary hub for Olympic athletes has now become a blueprint for sustainable, high-impact urban development.
OnSeptember 30, 2025, the Milan-Cortina 2026 Olympic Village was officially unveiled a 105,000 m² community that will soon becomeItaly’s largest student residence, addressing one of the country’s most pressing challenges: affordable housing for university students.
This isn’t just a construction story it’s a lesson in how public-private collaboration, sustainability, and adaptive reusecan reshape a city’s future.
From Freight Yard to Thriving Urban District
Built on the site of Milan’sPorta Romana Freight Yard, the Olympic Village is more than an event venue it’s the foundation for a new, integrated neighborhood.
The development includes:
320
affordable and public housing apartments20retail and service spaces40,000 m²of public parks and green areasCommunity facilities for2,000 residentsand6,000 workers
Six modern residential buildings, paired with two restored historical sites (the Squadra Rialzo and Basilico buildings), will anchor a vibrant social hub complete with cultural, sports, and leisure amenities.
Ahead of Schedule, Built for Legacy
Completed 30 days early and within just 30 months, the project was delivered to the Milan-Cortina Foundationon October 1, 2025.
Even more remarkable its conversion from Olympic housing to student accommodation will take only four months, one of the fastest in Olympic history.
The design, led by SOM with COIMA Image and Michel Desvigne, prioritized a “post Games life” from day one ensuring that gyms, dining halls, and clinics transform seamlessly into student and community spaces.
Investment That Builds More Than Buildings
Behind the architecture lies a powerful financing story acoalition of public institutions and private investorswho saw the value of long term impact:
A €110 million “green loan”from Intesa Sanpaolo, Crédit Agricole, and Istituto per il Credito Sportivo CDP Real Asset SGR, through the National Social Housing Fund, expanded affordable units from 150 to 450 The COIMA Impact Fund, along with Covivio and Prada Holding, co invested to anchor the project’s financial and social sustainability
All €140 million in construction contracts went to Italian firms, creating jobs for more than200 workers per day a proud showcase of national expertise and innovation.
Sustainability as the New Standard
Porta Romana sets the bar for carbon neutral urban living:
Net zero operational emissionsLEED Gold
and Wired Score Platinum certifications A1 MW solar energy system and heat pumps replacing fossil fuel useRainwater recycling, smart lighting, and bike friendly infrastructure
As a pilot project in Milan’s Air and Climate Plan, it’s a model for the EU’s sustainable city agenda and a signal that green design and profitability can coexist.
Affordable Housing for the Next Generation
Once the Games conclude, the Village will become avibrant student residence, offering fully serviced accommodations 25% below Milan’s market rates:
€864/month
(average all-inclusive)
€592/monthfor 450 subsidized units under FNAS
Students will have access to 24/7 security, study lounges, shared kitchens, gyms, hobby areas, and 380 bike spaces all within15 minutes by bike from Milan’s leading universities (Bocconi, Statale, Cattolica, IULM, IED, NABA, Brera, and more).
With 95,000 students in the metro area, this project will meet 6% of the city’s total student housing demand a massive step toward balance in a market long starved for affordability.
A Living Legacy for Milan
While many Olympic Villages fade after the spotlight,Porta Romana’s transformation represents a new paradigm: one that unites social housing, market rate residences, and community services under a shared mission.
The COIMA–Consorzio Cooperative Lavoratori partnership will use revenue from220 subsidized units to fund100 additional social housing units, creating acircular, equitable development model.
The result: a thriving, mixed income neighborhood that leaves a legacy of inclusion, sustainability, and opportunity a powerful example of how real estate can serve both profit and purpose.
Key Takeaway
For investors, developers, and city leaders alike,Milan’s Olympic Village proves that adaptive reuse is the future of real estate. When long term community benefit aligns with smart financing and sustainable design, you don’t just build buildingsyou build the future.
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