by InTrieste
The historic Palazzo Carciotti, a neoclassical landmark in the heart of Trieste, has been officially transferred from municipal ownership to Assicurazioni Generali, marking a significant moment for the city’s waterfront development.
The transfer was announced at a press conference on Tuesday morning in the municipal Blue Lounge, attended by Mayor Roberto Dipiazza, city officials, and representatives from Generali. The event follows the completion of a public auction process, in which Generali Real Estate S.p.A. submitted the highest bid of €13.2 million ($14.3 million), surpassing the initial auction price of €8.8 million ($9.5 million).
“Generali was founded in this very building, and it has chosen to remain and invest in its future,” Mayor Dipiazza said during the conference. He described the sale as an opportunity for the city, noting that funds from the transaction would support additional public projects.
The 19th-century Palazzo Carciotti, situated along the waterfront near Trieste’s Grand Canal, has long been a symbol of the city’s commercial and architectural heritage. The property was put up for auction last year as part of the municipality’s broader strategy to optimize real estate assets and redirect resources toward urban development.
Generali, one of Italy’s largest insurance companies, has announced plans to renovate the building, transforming it into a hub for innovation and collaboration with local institutions. The project will also include a residential component, according to Fabiana Zanchi, a special attorney for the company.
The auction process began in October 2024, when the city approved the sale and opened bidding on the regional public procurement platform. Three offers were submitted before the final selection in December. After the necessary administrative approvals, the transaction was finalized with a notarial act, formally transferring ownership to Generali.
City officials expressed optimism about the transition. “This is an important milestone, not just for the sale itself but for the stability that Generali brings as the new owner,” said Elisa Lodi, the city’s councilor for real estate and public works. She noted that the proceeds from the sale would provide financial support for public infrastructure projects across Trieste.
Generali has not yet provided a detailed timeline for the redevelopment of Palazzo Carciotti, but officials stated that updates would be shared as plans progress. The acquisition strengthens Generali’s presence along Trieste’s waterfront, an area that has seen increasing investment and revitalization efforts in recent years.
The sale of Palazzo Carciotti represents a broader trend in Italian cities, where historic properties are being repurposed through private-sector investment, aligning cultural heritage with contemporary economic development.
Interview: mayor Roberto Dipiazza; municipal councilor for public works, Elisa Lodi; Fabiana Zanchi, head of property services Italy Generali
