Plans advised by the EU are under way to redevelop a former textile factory site near Milan with €80 million in funding into a mixed-use complex including social and healthcare services for older people.
The project centres on the former Linificio Canapificio Nazionale in Fara Gera d’Adda, which covers around 63,000 square metres and stopped industrial operations in 2008, the European Climate, Infrastructure and Environment Executive Agency (CINEA) announced on Thursday.
The factory was founded in 1870 to produce flax and hemp and still retains much of its original industrial architecture, the agency added.
The site sits between the town centre and the River Adda, surrounded by waterways and green areas.
The redevelopment involves refurbishing and reusing existing buildings on the brownfield site — a previously developed plot that is no longer in active use.
Plans include accommodation, recreational areas and catering spaces intended to support local tourism, including cycle tourism, and to serve local residents.
The project also includes new internal pathways linking the site to the existing road network.
Advisory support and next steps
Some structures and roofs are set to be demolished to create open-air courtyards with trees, reducing built-up surface area and increasing green and pedestrian spaces, according to CINEA.
The development team received advisory support from the EU's Green Assist between July and November 2025 to strengthen the project’s business model and financing strategy.
The work included preparing a business plan, carrying out market and sector analysis, and designing a financial model.
Green Assist also provided guidance on potential funding approaches including private equity, venture capital and crowdfunding.
The estimated investment for the redevelopment is around €80 million, CINEA said. The project was developed by Urban Future Srls on behalf of the property owner Immobili e Partecipazioni Srl.
