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Well, here it is Collosseum; you pointed out a new ship would be more cost effective, so I present the Vanguarded Alaska Klasse.
As the former Alaska Class Battlecruisers began to run down towards the early 1970s, the decision was reluctantly taken to scrap the vessels, and use their turrets and to build a new class of warship. No ship of this sort had been constructed since WWII, and many yards were reluctant to take the order, but finally, an Italian shipbuilder agreed to take the order, and the three battlecruisers showed their Italian heritage. Essentially, the hullform was an enlarged Alaska, but with heavier protection and the most modern machinery. The vessels serve a variety of roles and were given a through modernization 2007-2010 (Which this drawing isn't) returning to service just recently.
(In a hurry to get this posted, I know there are some minor problems, such as the limited firing arcs of the Mk 13 VLS, but that was the only place to put it at the time--mostly, it was intended as a Harpoon launcher, with AAW as a secondary capability)