The investment, Negoita says, stands at almost EUR500 million and will take ten years to complete.
“The residential market has changed a lot compared with 18 years ago when we started in the real estate business. We reached that point where the market is demanding better and better. We are now where we wanted to be and that is to develop a large-scale project,” Ionut Negoita, CEO and founder of HILS Development, told a news conference.
The urban regeneration project in the Republica area takes up 18 hectares and is located 600 meters from the Republica subway station.
It is designed to accommodate about 12,000 people, Negoita added, who will have 50,000 square meters of retail space, 20,000 square meters of office space, more than 5 hectares of green space, a medical clinic, parks, playgrounds, a school and a private kindergarten.
The investment is self-funded and will also use bank loans. It includes the acquisition of the former site of Faur-Republica, which cost EUR20 million and was bought in two phases seven and four years ago.
Construction is underway and the first phase of the project will include 370 apartments.
(English version by Loredana Fratila-Cristescu)