“The strong suits of these sites include the easy access and position inside the city, as well as the generous space that allows for large developments. These things become relevant depending on the type of project to developed: quiet areas and proximity of public transportation are very important to residential projects, while office space projects need public transportation and a diverse retail mix, and the retail segment requires market density,” says Gabriel Simulescu – associate director land division Knight Frank Romania.
An important issue to be addressed at such sites is the cleaning of the land, especially on those sites were harmful chemicals were used. The biggest industrial site to be converted into a retail center in Bucharest, more than 15 hectares, accommodates AFI Europe’s AFI Palace Cotroceni. AFI also bought the Laromet plant site in northern Bucharest (Bucurestii Noi Blvd.) in 2007, which used to make copper alloys and products, and plans to build a residential complex there.
The changes in the past 15 to 20 years have led to more than 350,000 people in Bucharest working in office buildings accommodating banks, insurers, IT companies or other corporations, while malls and supermarkets employ another about 40,000.
(English version by Loredana Fratila-Cristescu)