Milan's Olympic Legacy: Economic Growth and Urban Transformation

Milan has embraced its status as an Olympic city following the Milan Cortina Winter Games, which have significantly impacted the city's economic landscape and urban development. The Games, which took place across seven venues, were designed to minimize new construction by utilizing existing facilities. This approach resulted in a relatively modest physical legacy, including the newly built Santgiulia arena for various events and a converted Olympic Village that will provide housing for 1,700 students in a city facing an affordable housing crisis.

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Preliminary data from a study by Bocconi University indicates that approximately 4 billion euros ($4.7 billion) were invested in the Games, encompassing upgrades to sports facilities, transportation infrastructure, and administrative costs. The hosting of the Games cost Milan around 735 million euros ($867 million) and is projected to generate visitor spending of about 1 billion euros ($1.2 billion). The Assolombarda business association forecasts that the Olympics will boost Milan's economic growth by 0.6 percentage points in 2026, contributing to a broader acceleration of industrial output in the region.

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Milan's transformation into a global tourist destination has been ongoing since the Expo 2015, which attracted 22 million visitors and catalyzed significant investments in urban development. The CityLife district, featuring skyscrapers by renowned architects, and the Porta Nuova development, home to the UniCredit Tower, exemplify this growth. The number of five-star hotels has tripled, and new subway lines and museums have been established, enhancing the city's appeal. However, this rapid development has also led to rising real estate prices, prompting criticism from housing activists who argue that the benefits of such events do not reach the broader population.

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Critics, including Angelo Junior Avelli from the Social Forum dell’Abitare, contend that the focus on luxury developments has exacerbated housing issues, pushing many workers out of the market. They advocate for policies to increase the availability of public and subsidized housing. The redevelopment of the Olympic Village area into a mixed-use space, including social housing, aims to address some of these concerns, although the effectiveness of such measures remains to be seen.

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The Olympic Games are expected to reignite interest in winter sports, similar to the impact of Italian tennis player Jannik Sinner on the sport. Luca Mangia, general manager of COIMA, emphasized that major events like the Olympics can elevate a city's profile globally. Initiatives encouraging physical activity among employees are also being promoted, reflecting a commitment to fostering a culture of health and wellness.

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• “Major events can open the interest of the world to the city,” — Luca Mangia, General Manager of COIMA

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• “The model of development brought by big events like Expo 2015 and then the Olympics brings private interests that don’t trickle down to the people,” — Angelo Junior Avelli, Social Forum dell’Abitare

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• “The Olympics have reignited the enthusiasm and the passion for ice and all of its sports, an energy that we don’t want to lose,’’ Giovanni Bozzetti, president of the Foundation Fiera Milano, said in a social media post.” — Giovanni Bozzetti, President of the Foundation Fiera Milano

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In conclusion, while the Milan Cortina Winter Games have contributed to economic growth and urban transformation, they have also sparked important discussions about housing and social equity in the city.

Associated Press