Why cultural regeneration in Italy rhymes with luxury

In Italy, real estate developers often convert disused buildings into luxury hotels, but this is not cultural regeneration. True cultural regeneration requires processes that are not merely real-estate oriented, such as involving the community, long-term planning, and coordination with public infrastructure. The author argues that current practices fall into two categories: pseudo-cultural regeneration (e.g., multifunctional centers, hubs with coworking spaces) and pure real estate operations (buy, renovate, sell). Neither constitutes genuine cultural urban regeneration. The main obstacles are costs: economic, time, human resources, and political relations. To overcome this, the author suggests that public administrations should assign properties based on market analysis and innovative proposals, with ongoing quality commitments. For private operations, a special agency could maximize positive externalities by investing in cultural content and infrastructure improvements. The article is by Stefano Monti, partner at Monti&Taft, published on Artribune.