The Redevelopment of Palazzo Tornabuoni (A)

In the Spring of 2004, Byrne Murphy and his partners at Fingen Group discussed options to redevelop Palazzo Tornabuoni, an iconic 15th century palace in the heart of Florence, Italy. The possibilities included turning the upper floors into office space, hotel rooms, condominiums, or a private residence club, a new concept that was quickly gaining popularity in the U.S. but still largely untested in Europe. While they factored the economics and the risks involved in each of the options, they wondered which would preserve the property's historical heritage and still deliver attractive returns.