The Area Continassa project takes a step forward today as Juventus and the City of Turin sign a definitive 99-year renewable ownership contract
Juventus Football Club took a significant step forward with the Continassa project this afternoon as club CEO Aldo Mazzia officially signed a definitive lease agreement with the City of Turin.
The renewable contract lasts for 99 years and covers 180,000 square metres of the Continassa Area. The related pavement area (SLP), which totals 33,000 square metres, will house the new Training and Media Centre for the First Team and also provide services to the public, as well as private residences.
The price, as determined by the expert assigned by the City of Turin, has been set at €11.7 million, which assigns a value of about € 355 per square metre of SLP (totalling 33,000 square metres) and € 65 per square metre for the long-term lease (totalling 180,000 square metres).
An SLP of 5,000 square metres, already owned by Juventus, shall also be transferred to the Juventus Area to house the new registered office in the Cascina Continassa, which will be renovated for this purpose.
There were two key steps which made today’s contract possible. On 22 December 2012, the Turin city council approved Partial Variation no. 277 and Juventus’ redevelopment proposal for the Continassa Area adjacent to Juventus Stadium. On 28 December 2012, Juventus and the City of Turin signed the preliminary contract.
The Juventus Area will be handed over to Juventus from the City of Turin by 31 August 2013.
The remaining part of the Continassa Area, totaling 80,000 square metres, will remain the property of the City of Turin, which plans to build a park and public services there.