by InTrieste
In a move that underscores Trieste’s resurgence as a cultural and economic crossroads, PVV Investments has announced plans to redevelop the historic Palazzo delle Ferrovie dello Stato into a mixed-use destination encompassing luxury accommodations, residences, and commercial spaces. Construction is set to begin in spring 2025, with a projected completion by spring 2027.
Situated in the heart of Piazza Vittorio Veneto, the iconic building, also known as Palazzo Ex Compartimentale FFSS, will undergo an extensive restoration. Originally constructed in 1895 during Trieste’s golden era as a thriving port city, the building will be reimagined as “Palazzo Vittorio Veneto.” The centerpiece of the project is a four-star superior lifestyle hotel managed by the international 25Hours brand, featuring 175 rooms, 73 residential and tourist apartments, a fitness and spa area with a pool, and vibrant commercial spaces.
A Vision for Trieste’s Future
The ambitious project reflects PVV Investments’ commitment to revitalizing Trieste’s architectural heritage while meeting the demands of its growing tourism and residential markets. Designed by Luciano Parenti of Venice’s Studio Parenti, with interiors by Vienna-based BWM Interior Design Studio, the development will transform the 22,000-square-meter site into a landmark of modern luxury and cosmopolitan charm.
“We envision a space that not only preserves the grandeur of Trieste’s past but also positions the city as a modern hub for culture and commerce,” said a spokesperson for PVV Investments.
Blending History and Modernity
At the heart of the project is a thematic concept that draws inspiration from Trieste’s historical connections to New York and Shanghai. The hotel’s design will evoke the city’s late 19th-century prominence as a global trading nexus, offering guests a unique “East meets West” experience. The goal, developers say, is to reintroduce the splendor of that era in a contemporary context, celebrating Trieste’s role as a bridge between cultures.
Restoring Community Spaces
Integral to the redevelopment is the restoration of two cherished public spaces: the Galleria delle Carrozze and the former cinema on Via Filzi. The Galleria, a historic pedestrian passage connecting Via Roma and Piazza Vittorio Veneto, will be reopened to the public. Meanwhile, the long-closed cinema will be repurposed as a multifunctional venue for performances, conferences, and city events. These renovations aim to foster community engagement and enhance the cultural fabric of Trieste.
Economic and Tourism Boost
With an investment of €70 million, the project is expected to generate significant economic benefits for Trieste. Officials estimate it will attract over 124,000 annual visitors, including hotel guests and short-term apartment renters. This influx is projected to contribute an additional €273,544 annually in tourism tax revenue. Moreover, the development is anticipated to create 120 direct jobs and 50 indirect positions, bolstering the local economy.
“Trieste is experiencing a tourism renaissance, and projects like Palazzo Vittorio Veneto are critical to accommodating the increasing demand,” said a city official.
A Piazza Reimagined
The project also seeks to revitalize Piazza Vittorio Veneto, improving accessibility and usability while maintaining its historical integrity. Plans include enhancing the Tritons Fountain, increasing greenery, and fostering the square’s role as a communal gathering place. Final designs for the piazza are under discussion with municipal and heritage authorities.
A New Era for Trieste
As Trieste continues to position itself as a premier destination for tourism and business, the Palazzo Vittorio Veneto project represents a bold step forward. By blending the city’s rich history with forward-thinking design, PVV Investments aims to create a space that resonates with both locals and international visitors, ensuring its legacy as a beacon of Trieste’s enduring cosmopolitan spirit.
