Luxury Apartment Boom in Florence


Some of the new luxury apartments are located above the former location of the Bartolini housewares shop

Real estate prices in are still edging up.

The center of Florence is also the center of an important real estate project that will create 150 luxury apartments on sale right there in the city. There will be around six luxury buildings offering expensive apartments of different sizes. The man behind this project is Tom Barrack, who is a real estate investor and a close ally of former President Donald Trump.

In 2014, Colony Capital, an American international real estate investment firm, bought six historic buildings located on the following streets: via Bufalini, via dei Servi, via del Castellaccio, as well as piazza Brunelleschi, all in the center of Florence, all purchased from the Intesa-San Paolo bank. The name of the project is “14 – 21” in honor of the historic buildings that were first constructed in the 14th century and now are being reborn in the 21st century. The first sales will be of 30 exclusive apartments of various sizes, from 40 (430 square ft.) to 165 square meters (1,777 square ft.) either with two or three bedrooms, that are intended for local and international residents with high incomes. The apartments–150 in total–will have modern as well as some historic features given the age of the buildings.

This project is designed to attract more investment in the city. Right now, because of the pandemic, the economic situation is not that great, but this is an venture designed to benefit business and tourism in Florence and Italy in the coming years.

A similar investment involving restoration has been carried out at Palazzo Serristori, a palace constructed during the High Renaissance on Lungarno Serristori.  There, nine of new 13 luxury have already been sold to date for prices ranging from 2 to 7 million euro.

Meanwhile, on the Tuscan coast, there is a big increase in orders for superyachts in towns such as Viareggio and Livorno, and small ports nearby.  (tatiana lopez)

To read more in Italian, visit Florence’s La Repubblica news site.