Building Heritage’s headquarters in Florence, on Lungarno Vespucci along the Arno River, would possibly look a bit indescribable for an 18th-century building, at least from the street. Inside, carved moldings and doors, tapestries, and original frescoes adorn the walls; Intricate coffered ceilings complete the opulent look. A circular balcony leads to steps that cascade down into a personal courtyard.
Jacopo del Maestro joined Building Heritage in 2020 and is the CEO of those luxurious offices. The company is led by CEO and founder Cinzia Romanelli, who introduced her first company 25 years ago in Florence. Romanelli’s 37-member team provides services to exclusive homes in primary school. Italian towns as well as Tuscany, Lake Como, Capri and Portofino, among other regions.
Born in Pisa, Del Maestro traveled the world between the ages of 19 and 27 and gained hospitality experience along the way, supplementing his formal education in hospitality and restaurant control at Pisa-based Ipsar Giacomo Matteotti. in the luxurious offices of Building Heritage.
The residential market in Italy has slipped, as in many European countries. Tell us how much. Also, how’s the luxury segment faring?
The mid-tier residential market has slowed by 30% to 50%. But at the same time, the luxury market has grown by about 20%. And it’s getting better: customers for 2024 are interesting. An increase of about 10% is expected next year. So we’re confident going into next year. That’s why we concentrate on high-profile cities like Milan, Florence and Rome – they do well in luxury real estate. And we also achieved smart effects in the [commercial] capital market; staggering numbers in those markets. But 85% of our agents specialize in residential real estate.
Please mention some notable sales.
We have a building next to St. Mark’s Square in Venice that we manage outside the market. This is an exceptional development, as it is easy to locate a building in Venice, a key location with advertising and residential potential. Now we are dealing with a foreign organization that wants to invest in Venice.
And you recently sold Villa Michelangelo near Florence, the famous Italian artist’s first family home.
Yes, one of our more interesting sales, a quite important historical villa. The sale was announced in November; the asking price was €8 million [about 8.8 million USD]. The villa is on about one hectare of land [about 2.5 acres], with 900 square meters of living space [about 9,700 square feet]. It was built sometime between the 14th and 15th centuries. It’s set on the hills above Florence with great views of the countryside. There’s a square tower, which was once a guardhouse. Also, a covered terrace with arches and a patio. It feels like the house of a prince.
In northern Rome, a stunning villa linked to the Gucci fashion family is on the market for €15 million (approximately $16. 5 million).
And we’re quite familiar with Villa Gucci, the 13,000-square-foot estate in North Rome built by Aldo Gucci in 1951—with a Building Heritage asking price of €15 million (about 16.5 million USD).
We put a lot of effort into promoting this property. I think for the price of the property, it’s one of the most prestigious you can buy in Rome. When you’re there, you feel the exclusivity of the field. The internal feel of the space is very special because you realize that it belonged to one of the most important families in fashion. Being Italian, you feel like you’ve grown up with Gucci, like you’re part of the family. The villa boasts a combination of styles: an Italian finca with an English touch, especially in the floor-to-ceiling windows. So there’s a foreign vibe to the property. It’s unique.
The Building Heritage team, founded through Cinzia Romanelli (center), serves exclusive homes in major Italian cities, as well as in Tuscany, Lake Como, Capri and Portofino.
An Italian estate from the middle of the last century (dating back to the last century) will have to look new given the predominance of heritage houses it represents.
Building new assets in Italy is difficult. In historic cities such as Venice, Florence, Rome and Capri, and in regions such as Liguria, they do not expand new neighborhoods. They renew what already exists. There is no progression permission because those spaces are already overbuilt. The only exception is in Milan, where there are new progressions such as CityLife [a 90-acre advertisement and residential development near the center of Milan]. Our guests are regularly looking for a renewed historical heritage with a fresh touch. That’s what other people like. Because no one needs to live in an old space from the 17th century that has not been modernized.
Global buyers of luxury goods are looking for tax breaks in Italy. An incentive introduced in 2017 exempts new residents, who pay an annual payment of €100,000 (about €110,000), from taxes on the source of income they generate abroad. Is this your business?
Before Covid, foreigners, even if they were really wealthy, were focused on renting houses. But now, people want to buy and move to Italy. Many are from Great Britain and also South and North America. I’ve gotten several leads like this in the last couple of months because the real estate market here is really attractive. So yes, we’ve definitely seen a difference with foreigners now buying, and we’re taking advantage of that market.
Historical areas such as Florence and Venice are ripe with storied homes, including this … [+] fresco-adorned palace along Venice’s Grand Canal.
You’re still on TipsHere, a real estate app you created in 2020 with two partners.
At first, I was one hundred percent involved, but after joining Building Heritage, I took a step back and now I only offer ideas and suggestions. This allows other people to make money from real estate even if they are not in the market. Through our app, other people provide real estate leads and we reimburse them if the directory turns out to be valid. We sell leads to genuine real estate agents. We have close to a hundred agents hired. And now we work with one of the most important real estate corporations in Italy. Here’s a new concept, and many have tried to create something similar.
You live near Piazza Cesare Beccaria, which is slated to host a stop along the Florentine Tram network’s newest line. Do you fear a tourist invasion of your neighborhood?
I live here because the community is not touristy; There are a lot of local people. There are many excellent restaurants and bars. It’s very close to the Lungarno [along the Arno River], a beautiful green trail and also a park. I live with my fiancée, Elena Rosai, on the most sensible grounds of a 19th-century house. Construction with an adorable terrace. She shares my hobby. He has an architecture firm, GAP31. Since I live in real estate 24/7, it’s lovely to share this hobby with her.
The monument to Cesare Beccaria is located in the center of Piazza Cesare Beccaria in Milan.
Along with your BMW Gelände Sport motorcycle.
I spent several years traveling all over the world and enjoyed it. So every time I’m on vacation, I do it with my GS. Typically, small trips of up to 250 or 300 kilometers [about 150 to 200 miles] are now made around. Tuscany, in Liguria, in the Cinque Terre. I am essentially an adventure-loving guy, who loves to travel.
This interview has been edited for length and clarity.
“>