Riccione, the leisure machine

Is there a real-estate investment business centred on leisure time? The answer is in the affirmative, at least as far as the town of Riccione is concerned. Riccione is currently engaged in re-inventing itself, making courageous choices which will affect its lifestyle all the year round, not merely during the summer. On the 18 th June last, the conference "Real estate for leisure time", organised by the lawyer Emiliano Russo, chief of legal services at Beni Stabili, and by the Rome Urban Land lnstitute, brought together over 200 of the chief players in the Italian real estate sector. Companies represented at the conference included Assoimmobiliare , Boscolo Hotels , Forrebis, Leonardo Caltagirone spa, Munters, Nomisma, Pirelli Real Estate, Reag, Gruppo Statuto, Studio di Tanno. Some of the participants, urged by the lawyer Riccardo delle Santi, representing the Rome Urban Land Institute, admitted that they did not invest in leisure time and did not intend to do so because “it all depends on finding a good manager”, explained Davide Mangano, Asset manager of Beni Stabili. Others, like the Milanese lawyer Pietro Faranda behind the scenes revealed that "real estate investments for leisure time are still considered risky: leisure real estate for sale or rent needs to give returns of at least 25 per cent per annum, and to achieve a rapid ROI given the high obsolescence of such buildings. Yet the conference originated from the consideration that the race to build leisure time real estate has already begun. The town which hosted the conference thus became yet another workshop for experiments, and a touchstone for the major projects which between now and 2008-2009 will change its appearance, leading it to revamp its traditional tourism facilities and add to them in various sectors: from conference tourism to health spa, fitness and golf tourism. Here are the building works which are already changing the face of Riccione.

From Conference Centre to resort, via golf
In all probability the location is unique in Europe: at the heart of Riccione, close to Viale Ceccarini, 300 metres from the sea. In July 2001 a mixed company, part public and part private, was set up to construct and manage the Centre in the best possible way: Palariccione (members include the Municipality, the Province of Rimini, the Cassa di Risparmio di Rimini bank, Fondazione Cassa di Risparmio, Associazione Industriali, Confcommercio, the Hoteliers' Association). "Thanks to the new Conference Centre as many as 150 hotels will be alive for all 12 months of the year compared to the 90 which, at present, stay open all the year round", says the Mayor of Riccione Daniele Imola (Ds). "The Conference Centre will attract users from all over Europe and will have a high-level target; we are in the process of promoting it now. However, the Municipality does not intend to play the part of the entrepreneur: we have brought the project to life and during the initial phase we shall also manage it. Then we hope to invest the proceeds in other activities, so that Palariccione does not die away ”. So far, the Palacongressi has moved 350 million euro of investments from private hands, under the terms of the town-planning scheme which permitted the upgrade of the building. This is a 50 million euro makeover, for a building with a maximum height of 31.40 metres (plus panoramic terrace), covering a surface area of 13 thousand square metres. The building will be completed by December 2006; the underground car parks, shops and multi-screen cinema are already completed. The exterior has transparent glass windows making it visible, and a sunscreen strip to provide shade on the roof terrace and the small piazza below. On the first and second underground levels there is parking space for 320 cars, storage space for exhibition and conference equipment, a commercial space measuring 2,000 square metres (20 shops of 100 square metres each); on the first and second levels a multi-screen cinema (six screens with overall seating for 1,108 people) and conference lobbies; on level three there are a conference hall (seating 1,466) and exhibition space, and a theatre (seating 1,306); on level four there are more conference rooms (seating 982), and finally, on level five, a panoramic terrace (giving a magnificent view over the town) with a restaurant. Great attention has been paid to technical innovation. There is a photovoltaic roof. "A business plan of this kind could only be judged “bankable”: “the Cassa di Risparmio di Rimini bank has already covered the investment. The project is such a good one that it will finance itself. The Municipality has invested five million euro, and the same sum came from the Chamber of Commerce. The rest will come from the 20 shops of 100 square metres (at prices in line with the market, between 7,500 and 10 thousand euro per square metre) and from the rental of the multi-screen cinema to Millennium, a society belonging to the Cecchi Gori Group". But the objective, to remove the seasonal limitations from tourism in Riccione, truth to tell has been under way since last year, from the opening of the Oltremare marine park and the Imax theatre; this last is a trade mark (of Canadian origin) which has become a byword for excellence in the world of cinema projection in two or three dimensions, with very high-definition pictures and sound track and a huge 22-metre panoramic screen. The sum of 70 million euro was invested by Valdadige Costruzioni spa of Verona. "After just one year, the success of Oltremare is such that there are plans to enlarge it by a further 50 thousand square metres in addition to the present 130 thousand, within the next two or three years, an investment of about 50 million euro" says the Mayor. Not to mention the Olympic swimming pool, cost 12 million euro, opened in June 2004, which was the venue for the world swimming championships attracting 500 thousand visitors during autumn and spring 2004. Also in 2004 the first nine-hole golf green was opened in San Giovanni in Marignano, together with 32 suites each designed by a different architect (the Club House was designed by Marco Gaudenti), and in 2006 the nine holes will become 18 (25 million euro). One of Riccione's great wagers is "Futurismo", also designed by Gaudenti, an integrated project which will give rise to the greatest resort in Riccione, a hotel with 350-400 rooms able to take 800-900 people, plus shops, restaurants and a thalassic-therapy centre, and also conference rooms. All this will be built on the site of the old holiday camps, at the mouth of the river Marano at the northern end of the town, where Riccione meets Rimini: just a few steps from the beach, now the most trendy area of all. Six bathing establishments are planned, together with the same number of beach clubs, among the most renowned, just a few metres distant from one another. A project costing 30-35 million euro. Ownership is in the hands of Kiron, an association bringing together Nando Filippetti of Eden Viaggi travel company of Pesaro and real estate agent Piergiorgio Verni, of Montagna building company, Pesaro. Finally, the entire sea-front promenade will become a pedestrian zone by the year 2008, and the first part, from the harbour to Piazzale Roma will be completed by 2006. Cost: 15 million euro for the first stage and a further 20 for completion. At the same time, underground parking facilities will be built for the use of hotel guests and shoppers. The upgrade of Riccione visitor services also envisages a health spa park by the year 2009, transforming the present facilities from a traditional medical centre to one equipped for well-being, with all the necessary structures. The project is still in its early stages, but will probably require an investment of about 50 million euro. In the collective imagination of the future, Riccione could become the Florida of Italy, with opportunities for entertainment all the year round, combining business tourism with more exacting top quality tourism.