Venice, 26 October 2011 -The island offers a unique opportunity to redevelopment the approximate 3,500 sqm of existing historical structures and the potential of an additional 4,500 sqm of new construction. The main use designations permitted by the local regulatory plan are residential, hospitality and offices.

“The island, where works to recover the old convent are already underway, could become the location of a prestigious hotel or could see the realisation of luxury residential units. Investors have the unique chance to customise an island to their own needs,” says Massimo Saporito, Head of Investment Services for Colliers International in Italy. “Furthermore, the local real estate market is dealing extremely well with the economic instability thanks to a solid demand for high end properties”

Santo Spirito provides an ideal location for investors and developers and is only a ten minute boat ride from San Marco Square and close to Giudecca and Lido. It provides a rich cultural history that dates back to the XII century when the island was the seat of a monastery. Later it became the gathering place of ambassadors, diplomatic delegations, royal families and noble travellers thanks to its unique charm.

San Spirito Island is currently owned by Poveglia Ltd., a special purpose entity formed by a group of Venetian real estate entrepreneurs who focus on the recovery of local historical properties. They are looking for investors and developers willing to work on this exclusive project and to bring the island back to its ancient splendour.