Florence: 250 million euro campaign to restore 16 buildings

The former tobacco factory near piazza Puccini in Florence, closed its doors in 2001 after seventy years of business. Now, it is gradually returning to life thanks to the joint venture set up by real estate firm Gruppo Cassa Depositi e Prestiti and PW Real Estate Fund III LP, managed by Aermont Capital. MTDM Manifattura Tabacchi Development Management Srl oversees the factory’s regeneration as part of a 250 million euro campaign to restore 16 buildings by 2026.

It will become a hub of sustainable creativity for contemporary makers with ateliers, offices, co-working spaces, restaurants and exhibition spaces.

The initiation of the works was marked with a digital event, including speeches by Dario Nardella, Mayor of Florence; Giovanni Manfredi, CEO, Manifattura Tabacchi; Alessandro Sorani and Massimiliano Giornetti, respectively vice-president and the new director of Polimoda; and Roberta Pasinetti, head of project management, Manifattura Tabacchi.

Giovanni Manfredi, CEO of Manifattura Tabacchi said: “The start of the work on the FACTORY of Manifattura Tabacchi is a very important moment that symbolizes change. For us, it represents the shift from ‘thinking’ to ‘doing’. The essence of the project is to discover Florence’s contemporary side, offering a ‘fresher’ dimension, a place where you can experiment, make mistakes and be innovative.”

Photo credit: theflorentine.net