AC Milan and Inter Milan unveil two new concepts for San Siro redesign, complete with sports and retail district

The €1 billion project will include a new stadium in place of the current one

The current San Siro has been AC Milan's home stadium since 1926, with Inter Milan sharing the ground from 1947. Reuters

Italian clubs AC Milan and Inter Milan on Thursday unveiled two new concepts for the €1 billion (Dh4bn) redesign and reconversion of their San Siro Stadium.

The San Siro, officially renamed the Giuseppe Meazza Stadium in 1980, has been the home ground for AC Milan since its completion in 1926, before Inter began sharing the venue with their rivals in 1947.

In June last year, both clubs announced plans to build a new stadium to replace the current one. Most of the original stadium is to be demolished, although part of it has been included in the new redesigns, which included not only the stadium but also a new sport and entertainment district.

"The new concepts designed by Populous and Manica/Sportium provide for the retention of a part of the current Giuseppe Meazza Stadium within a new retail and sports district that can be used 365 days a year, including about 106,000 square metres of green space (nearly double the current 56,000 square metres of green space on the current site)," read a statement.

"It will be a hub dedicated to retail, sports, cultural and leisure activities both outdoors and indoors, including a running track, a cycle path, an outdoor gym, a skateboard park, a five-a-side pitch and sports museum: most of the sports services will be available free of charge to the Milanese and citizens of the surrounding areas.

"Both concepts would deliver an innovative district dedicated to the next generation, cutting edge for its low environmental impact and high sustainability, creating a new meeting place for social and recreational activities in the neighbourhood.

"AC Milan and FC Internazionale Milano believe it is essential, especially in light of the current moment, to commence a project that represents more than one billion euros of private investment, which will generate thousands of new jobs and serve as a cornerstone for the future development of the city of Milan and Italian football."

The new 60,000-capacity San Siro Stadium is expected to be ready in time for the 2022/23 season.