( CNN ) -- Milan might be most famous as the capital of Italian fashion and finance , but it 's an ambitious architectural project that 's generating buzz these days in the home of Armani and Alfa Romeo . Porta Nuova is a new 290,000 square meter ( 3.12 million square feet ) site that will encompass office , residential and green space on the previously neglected outskirts of the city . Building work on the project started in 2009 . When finished , it will feature numerous sleek skyscraper buildings that will juxtapose sharply with Milan 's more traditional low-rise architecture . As Italy looks to emerge from the Eurozone crisis , there are even some who suggest developments like these could help get the country 's economy moving again . `` The made in Italy brand is not just fashion and design and food , '' said Manfredi Catella , CEO of property development and management firm , Hines Italia . `` Now the first ( brand ) is our land . This is the natural resource of the country . The Middle East have their oil , we have our oil in our land . Now we have to take it back and create value . Porta Nuova is an example , '' Catella added . Valued at more than $ 2 billion Porta Nuova is 60 % financed by European investors with the remaining 40 % funded by Qatar holdings . The jewels in the crown of the project are arguably the Bosco Verticale ( roughly translated as vertical forest ) buildings . The taller of these two residential towers will stand 128 meters ( 419 feet ) high while more than 900 trees will adorn exterior walls and balcony space . A new 231 meter curved tower close by , meanwhile , will house Unicredit Group 's European headquarters and cater for 4,000 of the financial services firm 's staff . Unicredit 's general manager Paolo Fiorentino said the new building could change the way the company structures its premises in the future . `` The feedback ( so far ) is so positive that we will replicate this project also in other cities like Vienna . We have in mind also Rome but we change the overall headquarters philosophy in the group , '' Fiorentino said . `` In reality what we put under discussion is the way that our people are sharing space . '' Major global firms such as Google have also agreed to set up their Italian headquarters here . But while some see progress and opportunity , others are reserving judgment . `` We are not used to certain skylines now you have to lift your head up , '' said local architect and designer , Massimmo Locatelli . `` That new way of building for Milan is really unusual and I guess people expect to get used to it , '' he added . With just under a year to go until the Porta Nuova project is completed , traditionalists now do n't have long to savor the city 's existing skyline . See also : Suburbia gone wild . See also : Architects build first 3D printed house . See also : Giving Motown a replay .
Porta Nuova aims to transform Milan 's skyline . The project is expected to cost around €1 billion and will be completed in 2023, according to the Italian newspaper Corriere della Sera. Some experts believe construction ventures like these could get Italian economy moving .