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"Are you monitoring the construction?" asked the middle-aged man on a bike accompanied by his dog.

"Ah, sì," I replied in my barely passable Italian.

"Bene," he answered. Good.

In front of us, a backhoe's guttural engine whined into action and empty dump trucks rattled along a dirt track. The shouts of men vied for attention with the metallic whirring of drills and saws ringing in the distance. Nineteen immense cranes spread across the landscape, with the foothills of Italy's Southern Alps in the background. More than 100 pieces of earthmoving equipment, 250 workers, and grids of scaffolding wrapped around what soon would be 34 new buildings.

We were standing in front of a massive 145-acre construction site for a "little America" rising...