Financialization and deterritorialization in the Milanese major urban development projects

Abstract

This article examines how financialization and deterritorialization shape major urban development projects in Milan, focusing on the Milano Innovation District (MIND). Financialization is understood as the transformation of land and real estate into financial assets, while deterritorialization refers to the progressive abstraction and disconnection of planning tools, actors, and decisions from their local spatial context. Through an in-depth case study, document review, and interviews, the article reconstructs the planning, political, and financial mechanisms behind MIND. It demonstrates how global developers, corporate financing strategies, Special-Purpose Vehicles, and partnerships with institutional investors have reconfigured Milan’s statutory planning, shifting authority from public institutions to market-driven actors. The study argues that these processes undermine the redistributive role of spatial planning, diminish public oversight, and align urban development with financial logics rather than local needs. The article concludes by calling for renewed attention to how financialization restructures planning systems, governance practices, and the ethics of urban development.