UPTOWN

UpTown
Project box

Geographical area: Europe

Location: Milan, Italy

City size: Large (between 1,000,000 and 5,000,000 inhabitants)

Promoter: EuroMilano S.p.A.

Developer: EuroMilano S.p.A.

Start year:

End-year:

Implementation phase: Implementation in progress

Project size: Neighborhood

Total area of intervention (in sqm): 900.000

Total investments (in USD): 2,2 bn

Project overview

UpTown Milano stands as Italy’s first smart district, which integrates residential, commercial, and public spaces to create a self-sufficient urban ecosystem. The project represents a significant urban regeneration effort, transforming a once-underutilized site—originally designated for a highway junction—into a vibrant, sustainable neighbourhood. The evolution of UpTown Milano reflects a shift from a purely infrastructural vision to a broader strategy of urban renewal, catalysed by the momentum of Expo 2015 and Milan’s economic expansion. Prior to the intervention, the area was characterized by fragmented urban fabric, limited public services, and infrastructural gaps, leaving it largely neglected. In 2007, a major regeneration initiative was launched to reclaim and repurpose the site, capitalizing on its strategic location near what is now the MIND Innovation District and the Merlata Bloom shopping center. Initially conceived as part of the UpTown development under the name "UpTown Mall", Merlata Bloom was later acquired by Ceetrus, a key player in Italy’s commercial real estate sector, further shaping the area into a vibrant commercial and social hub.

The UpTown project is designed to drive economic vitality, social inclusion, and environmental sustainability by integrating innovative infrastructure, digital innovation, resource efficiency, and sustainable mobility solutions. It also prioritizes climate resilience and biodiversity protection, creating a forward-thinking urban environment. 

UpTown is redefining Milan’s northwest quadrant with a 900,000 sqm mixed-use district that integrates housing, commercial spaces, public services, and green infrastructure. At its core lies a 300,000 sqm central park, surrounded by five residential units and 24,000 sqm of public squares. By 2030, the area will house 15,000 residents across 4,800 apartments, with 16% designated for social housing and 40% sold below market rates to support middle-income buyers. The development also includes a school complex for 920 students and the Cascina Merlata SpazioVivo community centre, a key social hub.

As one of Italy’s largest private urban regeneration projects, UpTown represents a $2.2 billion investment, fully financed by EuroMilano S.p.A. a private actor which is the landowner and project developer. Social housing is supported by the HS Cascina Merlata Fund, ensuring a balance between market-rate and affordable housing.

UpTown drives local economic growth, employing 550 workers, while the nearby Merlata Bloom shopping centre has created 1,300 jobs. The district’s zero-carbon residential buildings rely on renewable energy, and its park enhances biodiversity and air quality. The project also strengthens social services, offering education, healthcare, and community services, creating a sustainable and inclusive urban model.

As a mixed-use project, the UpTown district integrates diverse land uses to create a well-balanced urban environment. The residential area consists of 4,800 housing units, including market-rate apartments, affordable housing, and social housing, ensuring a diverse and inclusive community. A significant portion of the district is dedicated to green areas and open spaces with a third of its surface allocated to the UpTown Park, covering 300,000 sqm. The district also includes key public amenities, such as a school pavilion accommodating 920 students, complete with sports facilities and an educational garden. The Cascina Merlata SpazioVivo community centre plays a central role in social life, offering local services, cultural activities, and healthcare facilities. Supporting sustainable mobility, the district features dedicated transport infrastructure, including bike-sharing stations, cycle lanes, pedestrian-friendly streets, and connections to public transit, ensuring seamless accessibility. In addition to providing various services to UpTown residents through the NGOs operating within it, the Cascina Merlata SpazioVivo community centre also hosts several restaurants and commercial activities, including an ice cream parlour and a stationery shop.

Benefits

UpTown Milano’s mixed-use design seamlessly integrates residential, commercial, and recreational spaces, enhancing local attractiveness and fostering a vibrant community. Backed by a $2.2 billion investment, the project has driven major infrastructure development, strengthening connections with the surrounding urban fabric.

UpTown itself employs 550 workers, while its synergy with nearby developments—such as the MIND Innovation District and the Merlata Bloom shopping centre—has significantly boosted local employment and business activity. The shopping mall alone has created 1,300 jobs, further contributing to the area’s economic growth.

Residential developments have experienced strong market demand, leading to increasing property values. South UpTown, launched for sale in June 2017 (125 apartments) sold out within eight months at USD 3,461/sqm. East UpTown, available from May 2018 (295 units), reached 92% occupancy by September 2019, with prices rising to USD 3,894/sqm (+28%). Feel UpTown, introduced in June 2020 (317 units), achieved 80% sales by December 2021 at USD 4,976/sqm. Lastly, Inspire UpTown (400 units), launched in March 2023, entered the market at an average price of USD6,166/sqm, reflecting a consistent upward trend in value.

UpTown Milan integrates sustainable design principles, prioritizing resource efficiency, climate adaptation, and green infrastructure. The park serves as a natural buffer against highway pollution, and excavation soil was repurposed for landscaping, ensuring construction material circularity. An advanced rainwater management system mitigates flood risks through drainage wells. Extensive green spaces help reduce urban heat island effects, curb urban noise and improve air and water quality. The 300,000 sqm public park features a 1 km canal, 3,500 tall trees, 7,500 aquatic plants, various biotopes, urban beehives, and butterfly gardens. Furthermore, the park was chosen as testing ground for AI tools monitoring biodiversity under the European TEF CitCom.ai project. Developed by NESLab at the Polytechnic University of Milan, the system uses smart sensors equipped with artificial intelligence to monitor birds, butterflies, and dragonflies. By analysing species presence and variations in real time, the technology provides valuable insights into ecosystem health, supporting data-driven conservation efforts and ensuring that maintenance interventions have a positive environmental impact.

The district follows a zero-carbon approach, integrating an advanced energy system that combines geothermal sources, district heating and cooling, and solar power. From the design phase, energy efficiency was a priority, with all residential buildings exceeding Class A1 energy standards. The heating and cooling system relies on a 13,000-meter geothermal network with 72 wells, which, through heat pumps, efficiently provides heating in winter and cooling in summer. This system works in synergy with a 4,500-meter district heating network, which utilizes thermal energy recovered from the Silla 2 waste-to-energy plant. Solar panels further support the zero-carbon strategy by generating renewable electricity to power LED lighting and improve overall energy efficiency. This integrated approach significantly reduces fossil fuel consumption, leading to annual energy savings equivalent to 87,000 tons of oil, while ensuring a high-performance, sustainable living environment for residents.

UpTown Milan prioritizes inclusivity and community well-being through diverse housing models. The Social Village, Italy’s largest social housing initiative, was rapidly recovered post-Expo 2015 to accommodate 700 families. Over eight years, 2,000 affordable housing units have been placed on the market, supporting diverse income groups. Overall, the district offers a balanced mix of housing, with 16% designated as social housing for low-income families, 40% as affordable units for middle-income buyers, and 44% as market-rate apartments, fostering an integrated and inclusive community. 

Digital innovation is a key feature of the development with full FTTH (fibre-to-the-home) connectivity, a smart grid infrastructure, and integrated “Internet of Things” technology within the apartments. The "UpTown App" facilitates smart home management, allowing residents to control lighting, temperature, and shutters, as well as book property services such as the swimming pool, gym and event spaces. It also enables direct communication with the condominium administration and keeps residents informed about neighbourhood events and initiatives. Public safety is ensured through two dedicated operators providing 24/7 surveillance and rapid response services, while the thoughtful design of public spaces fosters a secure and vibrant community.

Sustainable mobility is prioritized through 10 km of pedestrian and cycling paths, two bike-sharing stations, and strong public transport links, including the M1 subway, buses, a future train station, and highway access which seamlessly connects the district to the city and its airports. Traffic is separated into slow and fast lanes, with an underground highway reducing congestion, and air and noise pollution. Furthermore, the district was chosen by the Ministry of Transportation to test self-driving ground drones for last-mile deliveries and an exclusive electric car-sharing service

The project also includes a community centre and a school complex. The latter will accommodate a total of 920 students spanning from preschool (which will host 120 children), to elementary and middle school. In addition, the institute will be equipped with indoor and outdoor sports facilities and an educational vegetable and fruit garden. The Cascina Merlata SpazioVivo community centre is a key hub to the community: it is home to a number of shops and services entrusted to social cooperatives, including a locally sourced food shop, a music school, and several local associations fostering social inclusion. It also hosts a medical centre offering psychological support services, a nutritionist and a general practitioner. It serves as the primary gathering spot of the new neighbourhood. 

The project is currently working towards achieving the BREEAM (Building Research Establishment Environmental Assessment Method) certificate. In 2023 it was awarded with the GBC (Green Building Council) Neighbourhood Gold certificate, further demonstrating the value of the development’s integrated approach to quality of life, public health and respect for the environment. 

Finance model

The UpTown project has been mainly funded through private investment, with EuroMilano S.p.A. as the primary financier. The development of the social housing component was additionally supported by the HS Cascina Merlata Fund, a closed-end real estate investment fund managed by Investire SGR S.p.A., with Cassa Depositi e Prestiti Investimenti acting as the principal institutional investor.

The UpTown project has relied on a combination of private equity investment, institutional funding, and structured financial instruments to ensure its long-term viability A key financing mechanism used was the HS Cascina Merlata Fund, a closed-end real estate investment fund that allowed institutional investors to participate in the development of social housing while maintaining a sustainable economic model. This fund, managed by Investire SGR S.p.A., pools contributions from EuroMilano S.p.A., Cassa Depositi e Prestiti Investimenti, Cassa Cnpadc (Dottori Commercialisti), and Fondo Crono (Ragionieri, Periti Commerciali e Biologi). The FIA – Fondo Investimenti per l’Abitare, managed by CDP Investimenti SGR, holds a 60% stake in the HS Cascina Merlata Fund. The fund operates by investing capital into the construction and management of social housing, ensuring affordability while maintaining financial viability. 

Beyond the fund, the project was also supported through private equity investment from EuroMilano S.p.A., alongside bank credit lines granted by Intesa Sanpaolo, which holds an 8.45% stake in EuroMilano. Intesa Sanpaolo and a pool of banks (BPER, Banco BPM, BCC Milano, BCC Centro Padana) provided $110 million in financing, guaranteed by SACE, the Italian insurance and finance group controlled by the Ministry of the Economy and Finance, ensuring risk mitigation.

The UpTown project integrates value capture mechanisms alongside private investment to transfer a portion of the value created by the development to the Municipality of Milan. As part of planning agreements, EuroMilano provided public infrastructure to the Municipality. These development exactions ensured the integration of essential services, including transportation, a public school, and green areas, while maintaining the project's financial sustainability.

References and Credits

Bonanno, V. (2014). Lo svincolo di Cascina Merlata si farà in tempo per l’Expo. Quattroruote. Accessed on 10/03/2025 https://www.quattroruote.it/news/milano/2014/03/13/lo_svincolo_di_cascina_merlata_si_far_in_tempo_per_l_expo.html

Comune di Milano (2011). Variante al Programma Integrato di Intervento Riqualificazione dell'area di Cascina Merlata – Milano. https://www.comune.milano.it/documents/20126/100421460/All_B.14_Schema_Atto_aggiuntivo.pdf/94c6a5f0-0c28-e6d4-cf6a-ad9347b639a6?t=1587996088786

Confalonieri L. (2023). UpTown Milano: prima certificazione in Italia secondo il Protocollo GBC Quartieri®. Accessed on 20/02/2025. UpTown Milano: prima certificazione in Italia secondo il Protocollo GBC Quartieri®. - GBC Italia

Cooperativa Darcasa. Cascina Merlata Social Village. Accessed on 24/02/2025. Cascina Merlata Social Village - Darcasa

Dezza, P. (2023), Mind, Uptown e Merlata Bloom fanno sistema nell’area nord di Milano, Il Sole 24 ORE Accessed on 04/03/2025 https://www.ilsole24ore.com/art/mind-uptown-e-merlata-bloom-fanno-sistema-nell-area-nord-milano-AEcHC7vC

Euromilano (2020). Brochure UpTown. Accessed 04/03/2025 https://ordineavvocatimilano.it/media/convenzioni/UP%20TOWN%20EUROMILANO/Brochure%20Uptown%20new.pdf

Euromilano (2023). Brochure UpTown. Accessed 04/03/2025 Brochure district_2023_web_compressed.pdf

Euromilano. Chi siamo. Accessed 12/03/2025. https://www.euromilano.net/profilo/

Euromilano (2023). Comunicato di chiusura dell’evento “Da EXPO Milano 2015 al polo di eccellenze ESG  Quando la collaborazione pubblico-privata è di successo”. Accessed 20/02/2025. https://bucket.instilla.it/uptown/Comunicato_di_chiusura_6_marzo_pdf_5a81cb36ee_6d6924e64a.pdf

Euromilano (2019). Social housing Cascina Merlata, via alla fase 2. Accessed on 11/03/2025 https://www.euromilano.net/news/social-housing-cascina-merlata-via-alla-fase-2/

Euromilano (2019). Uptown Park. Accessed on 20/02/2025 https://gbcitalia.org/wp-content/uploads/2023/02/Parco_Uptown_2019_web.pdf

Green Building Council Italia. GBC Quartieri. Accessed 20/02/2025 https://gbcitalia.org/gbc-quartieri/

Green Building Council Italia. Uptown. Accessed 12/03/2025. https://gbcitalia.org/gbc-quartieri/uptown/

Green Cluster (2019). UPTOWN: IL RIMO QUARTIERE ITALIANO A IMPATTO ZERO. Accessed on 20/02/2025. UPTOWN: IL PRIMO QUARTIERE ITALIANO A IMPATTO ZERO | Green Cluster

Milano Finanza (2017). Euromilano, 600 milioni in Cascina. Accessed 12/03/2025. https://www.milanofinanza.it/news/euromilano-600-milioni-in-cascina-201705312237173481

Pacifico, R. (2019). Ceetrus Italy è il nuovo proprietario di Cascina Merlata Mall. Mark Up. Accessed on 04/03/2025 http://riviste.newbusinessmedia.it/markup/ceetrus-italy-e-il-nuovo-proprietario-di-cascina-merlata-mall/

Pacifico, R. (2023). Merlata Bloom apre e ravvia il nuovo polo urbanistico di Milano. Mark Up. Accessed on 06/03/2025 https://www.mark-up.it/merlata-bloom-apre-e-ravviva-il-nuovo-polo-urbanistico-di-milano/

Politecnico di Milano (2024). Milano Green Week – Biodiversità e AI: osservare la natura. Accessed on 12/03/2025 https://www.eventi.polimi.it/events/biodiversita-e-ai-osservare-la-natura/

Regione Lombardia (2019). SMART LIVING. Accessed on 24/02/2025. SchedaSintesiProgetto_v10

Siemens. Cascina Merlata. Accessed on 24/02/2025. https://www.siemens.com/it/it/azienda/case-history/si/cascina-merlata.html

Social Village Cascina Merlata. I promotori di Cascina Merlata Social Village. Accessed on 24/02/2025. I promotori di Cascina Merlata Social Village

Social Village Cascina Merlata. Social Village Cascina Merlata. Accessed on 24/02/2025. Social Village Cascina Merlata

UpTown Milano. App per smartphone di UpTown. Accessed on 04/03/2025. App per smartphone di UpTown | UpTown Milano

UpTown Milano. Cascina Merlata SpazioVivo a Milano. Accessed on 24/02/2025. Cascina Merlata SpazioVivo a Milano | UpTown Milano 

UpTown Milano. East UpTown. Accessed on 04/03/2025. East UpTown | UpTown Milano 

UpTown Milano. Feel UpTown. Accessed on 04/03/2025. Feel UpTown | UpTown Milano 

UpTown Milano. Geotermia: come funziona la soluzione energetica amica dell’ambiente. Accessed on 07/03/2025 https://www.uptown-milano.it/it/geotermia-come-funziona

UpTown Milano. Inspire UpTown. Accessed on 04/03/2025. Inspire UpTown | UpTown Milano

UpTown Milano. South UpTown. Accessed on 04/03/2025. South UpTown | UpTown Milano 

UpTown Survey response 

Uptown Milano. Uptown e italianway stringono una partnership strategica per la valorizzazione e la gestione degli affitti a breve e medio termine a milano. Accessed on 12/03/2025 https://www.uptown-milano.it/it/uptown-e-italianway-stringono-una-partnership-strategica-per-la-valorizzazione-e-la-gestione-degli-affitti-a-breve-e-medio-termine-a-milano

UpTown Milano. UpTown: la nuova cultura dell’abitare a Milano. Accessed on 04/03/2025. www.uptown-milano.it

Uptown Milano (2019). Uptown mall, formalizzata la cession: arriva ceetrus. Accessed on 04/03/2025. https://www.uptown-milano.it/it/uptown-mall-formalizzata-la-cessione-arriva-ceetrus

UpTown. Parco e biodiversità. Accessed on 20/02/2025. https://www.uptown-milano.it/it/parco-e-biodiversita