Ferre Dives Into Real Estate Business

Italian fashion house Gianfranco Ferre is venturing into real estate with the signing of a multi-billion dollar joint venture agreement with Galadari Investment Office (GIO) to create "couture architecture".

To rise in Dubai, the first project of the venture is called Gianfranco Ferré Stresa, a building planned to be a residential and commercial complex due to be completed by the last quarter of 2011. Envisioned to have at least 60 floors, the building’s estimated construction cost is a whopping $1.2 billion

At a news conference, Ferre Chief Executive Michela Piva explained the name of the building, saying that Stresa “is a town that was dear to 'The Architect' Ferre, it is where he had his summer residence and liked to spend his free time”, referring to founder and designer Gianfranco Ferre, who died in June last year after suffering a brain hemorrhage.

Ferré will be responsible for all aspects of design and style while GIO Developments, part of Dubai-based Galadari Investment Office (GIO), will oversee the construction and management of the project.

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