by InTrieste
A landmark deal in the heart of Trieste is set to reshape the city’s waterfront, as Generali Real Estate finalizes its purchase of Palazzo Carciotti, a historic neoclassical building that once served as the insurance giant’s original headquarters. The notarial deed for the sale will be signed on Tuesday, cementing a €13.2 million transaction that marks a significant milestone for the city’s urban landscape.
Ahead of the signing, Generali will transfer the full purchase amount to the Municipality of Trieste, supplementing the deposit of €880,000 already paid in December. Due to the building’s heritage protections, a mandatory 60-day period will follow, allowing Italy’s Superintendency for Cultural Heritage to exercise its right of pre-emption. If no claims arise, Generali will take full ownership of the property, with ambitious plans for redevelopment already in motion.
The company intends to restore Palazzo Carciotti to its former grandeur while repurposing it for modern use. The project, which is expected to span three and a half years and require an estimated €60 million investment, will be spearheaded by renowned architect Carlo Ratti, the next curator of the Venice Biennale.
Generali’s plans divide the building into two primary functions: the rear section will be converted into luxury residences, while the waterfront-facing façade will be transformed into an innovation hub. The hub, designed to foster education and technological advancements, is expected to operate in partnership with public institutions, including the Friuli Venezia Giulia Region and the University of Trieste.
“Generali’s return to its historic home is a statement of both legacy and vision,” said Aldo Mazzocco, CEO and General Manager of Generali Real Estate. “We are committed to creating a space that respects the past while embracing the future.”
The sale represents not only a homecoming for Generali but also a key step in Trieste’s broader efforts to revitalize its historic waterfront. Governor Massimiliano Fedriga recently hinted that the innovation hub could attract international collaborations, further reinforcing Trieste’s role as a center for research and development in Europe.
We visited Palazzo Carciotti on the last day before its closure, and while abandoned, it remained beautiful. Some of its original frescoes were still visible, and the view from the top was breathtaking.
As the city awaits the official transfer, anticipation is building for what is poised to be one of Trieste’s most significant urban transformations in recent years.
