The Elba Residence project will be built in stages on a 5.6 hectare-plot of land that used to host the former ELBA (Electrobanat) enterprise. The project will comprise some 1,200 apartments, 8,000 square meters (gross leasable area) of retail and support spaces, green spaces, pedestrian alleys, private yards, rooftop terraces, as well as gym and leisure areas.
Elba Residence will have studio flats, apartments with two and three rooms and four-room duplexes.
Prime Kapital was launched in 2016 and together with MAS PLC, under a joint-venture partnership, invests mostly in retail assets, residential projects and, depending on opportunities, in other real estate segments. Prime Kapital also has other four residential projects under construction, in the cities of Bucharest, Iasi and Ploiesti. It is also readying urban regeneration projects in other large cities such as Cluj and Brasov.
Prime Kapital and MAS PLC are now developing residential projects on former industrial sites in Romania such as Roman Brasov (2.137 apartments) and Elba Timisoara (1.251 apartments), as well as other major mixed-use projects located in Bucharest (3,149 apartments) and in Cluj-Napoca (1.461 apartments).
The two companies plan to invest EUR517 million in developing and expanding shopping centers across ten cities in Romania: Cluj-Napoca, Iasi, Pitesti, Alba Iulia, Bucharest, Brasov, Giurgiu, Baia Mare, Slobozia and Roman. For office space developments, the two partners plan to invest EUR254 million, in two projects in Cluj-Napoca and Iasi (Silk District), while for residential developments, the investment budget amounts to EUR1.194 billion, in six cities: Bucharest (three projects), Brasov (one project), Cluj-Napoca (one project), Iasi (1 project), Ploiesti (one project), Timisoara (two projects).