Mired-in-controversy Lugano venue gets nod

Image: HRS

In a referendum vote held on November 28^th, 2021, 56.81 percent of voters said ‘yes’ to the construction of the controversial sports and events center in Lugano (Switzerland). Construction work on the first stage of the stadium Polo Sportivo e degli eventi (PSE) is scheduled to begin in the Summer of 2022.

‘The Singapore Times’ stated that the said project was mired in a lot of controversy with a raging political debate involved over the development. But, finally, the Municipal authorities can breathe easy after a big ‘yes’ from the Lugano citizens.

In addition to the financing, the two towers planned next to the new stadium in Lugano were separated during the vote. However, it was a heated voting battle.

With the ‘yes’ votes, the planned Polo Sportivo e degli eventi (PSE), a modern stadium for 10,000 spectators and a multipurpose hall for up to 4,000 spectators will finally become a reality. As part of a public-private partnership (PPP), four apartment buildings and two towers for the City administration and municipal enterprises will also come up in the Cornaredo district. And the rest of the district will also be totally redesigned.

‘The Singapore Times’ further stated that the funding model with private partners HRS and Credit Suisse has been particularly controversial as regards the PSE project.

With the citizens’ ‘yes’ vote, the people who had opposed the development tooth and nail, were left red-faced.

The ‘HRS’ stated that the PSE Lugano project consists of four sub-projects: The Arena Sportiva (stadium for 10,000 spectators), the Palazzetto dello Sport (hall for 3,000 spectators for sports events, 4,000 for events), an investor project P2 for administrative facilities and commercial space, and an investor project P3 for residential space.

The mixture of urban living and office and commercial space plays a key role in the steady transformation of the New District of Cornaredo (‘NQC’) and will find a worthy conclusion with the football stadium. As a meeting place, the Palazzetto dello Sport fits seamlessly into this environment.

The ‘HRS’ further stated that HRS had won the multistage investor competition held in connection with the project.

HRS is a Swiss owner-managed real estate service provider that has been shaping the landscape of buildings of Switzerland with its creative energy for over 50 years. It forms the future with innovative, sustainable and creative concepts by developing, planning, constructing buildings and entire areas and locations.

Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland.

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