The land is located on Zefirului street in Bistrita, where TeraPlast carried its business until 2011 when the relocation to the TeraPlast Industrial Park in Saratel was completed.
TeraPlast offers the land and Alfa Construct will build the properties at its own expense.
“For the past 10 years since it has been unused, this asset brought no value to shareholders or the community. We are the largest Romanian group in the county and beyond the gates of the industrial park we have the responsibility to contribute to the development of the city and the local community. Now the land will be capitalized and will revitalize a forgotten part of Bistrita through the 240 apartments within the project. It is a pity to develop the city at 7-8 km from the city center, in Viisoara and Livezile, while an area just 1 km from the city center remains in ruins,” said TeraPlast CEO Alexandru Stanean.
The development of the project is set to take six years. The project envisages the construction in four stages of six apartment buildings totaling 240 apartments and over 350 parking spaces. The complex includes driveways, pedestrian walkways, green spaces, and a children’s playground.
The selling of the apartments will also be done in stages, as each building will be finalized. TeraPlast will receive, by payment, a minimum of EUR1.2 million for this land, an amount that could increase by at least 30% depending on urban planning coefficients.
In 2019, in the Bistrita-Nasaud county, 748 homes were built and 1,271 homes were traded. Over half of housing units built and traded are located in the city of Bistrita city.