A historic palazzo property, spanning an impressive 1,000 square meters, has entered the market in Venice's iconic St. Mark's Square with an asking price of €10 million. For three decades, this expansive space operated as a showroom for Murano glass. Now, it presents a rare opportunity for conversion into a grand residential dwelling, a move encouraged by local heritage authorities seeking to revitalize the city's historic center.
Key Takeaways
- Historic 1,000 sqm property in Venice's St. Mark's Square is listed for €10 million.
- The space, formerly a Murano glass showroom, can be converted into a residence.
- Venice's heritage department supports residential conversions to boost the city's population.
- Property features include private entrance, two elevators, Venetian terrazzo flooring, and two rooftop terraces.
- Views extend over St. Mark's Square, the water, and the Venetian skyline.
A Rare Opportunity in Venice's Historic Heart
The property sits within the Procuratie Vecchie, one of the three classical-style 16th-century buildings that define the perimeter of St. Mark's Square. This prime location places it directly adjacent to the St. Mark's Clocktower, offering unparalleled access to one of the world's most famous public spaces.
According to Michelangelo Ravagnan of Ravagnan’s/Forbes Global Properties, the listing agent, Venice's heritage department is open to a residential conversion. This flexibility is a significant factor given the city's ongoing efforts to encourage investment and increase its permanent population.
"There are only 50,000 people left in Venice, in the historic city center," Ravagnan explained. "So they want to encourage people to invest and move here and convert studios, offices and commercial properties into residential [properties] when possible."
Property at a Glance
- Location: Procuratie Vecchie, St. Mark's Square, Venice
- Size: 1,000 square meters (approximately 10,764 square feet)
- Levels: Three levels
- Asking Price: €10 million (US$11.7 million)
- Previous Use: Murano glass showroom (30 years)
- Potential Use: Grand residence, atelier, art gallery, private club
Converting a Commercial Space into a Grand Home
While the opportunity for residential conversion is exciting, it requires considerable work. The current layout, designed for a commercial showroom, would need extensive modifications to become a functional home. This presents a unique challenge and a blank canvas for a new owner to create a bespoke living space.
The property boasts a private entrance, ensuring residents can access their home without navigating the bustling square. Two elevators also provide convenient access to the various levels.
Venice's Population Decline
Venice has seen a steady decline in its resident population over recent decades. Factors include the high cost of living, the challenges of maintaining historic properties, and the overwhelming presence of tourism. Initiatives to convert commercial spaces into residences aim to reverse this trend and preserve the city's residential character.
Architectural Details and Unique Features
The palazzo retains many of its original architectural highlights. These include beautifully decorated exposed wood beams, adding a touch of historic charm and craftsmanship. The floors feature traditional Venetian terrazzo, an intricate mosaic made from small, colorful stones.
One of the most compelling aspects of this property is its access to the roof. Here, two altane await. These traditional Venetian rooftop terraces are wooden platforms elevated above the roofline, supported by pillars, and offer panoramic views.
"Only in Venice can you find this kind of terrace," Ravagnan remarked. "One is standing right in front of St. Mark's Square."
These terraces provide breathtaking vistas not only over St. Mark's Square but also towards the water and across the entire Venetian skyline. Such views are a premium in a city defined by its canals and historic architecture.
The Allure of Water Views
For many, the ultimate luxury in Venice is a view of the water. This property delivers on that desire, offering glimpses of the lagoon alongside the iconic square.
"That’s the most important element if you’re looking for an investment like this in Venice because you want to see the water," Ravagnan emphasized. "You’re in Venice, you’re supposed to see water. You can see squares everywhere in Italy."
Beyond a residential conversion, the property also lends itself to other commercial uses. It could be transformed into a grand atelier, an exclusive art gallery, or even a private club, capitalizing on its prominent location and unique characteristics.
The sale of this significant property underscores a broader trend in Venice. The city is actively encouraging new investments that integrate residential life back into its historic core. This shift aims to balance the demands of tourism with the need for a vibrant, resident community.
The blend of historic grandeur, prime location, and flexible usage makes this palazzo a noteworthy listing. It offers a rare chance to own a piece of Venetian history with the potential to shape its future.