The three projects are expected to require EUR15 million investments. Two of them are next to each other on George Enescu street, where the investors will construct an office building and a four or five-star hotel to be affiliated to an international chain.
The hotel will be developed by Dentotal Investment, whose shareholders include a 43-year-old dentist, Bogdan Dogariu, who owns 35%.
“The project should be completed in October or November next year, but I cannot tell you more about it now. We’ll reveal more about the investments in January,” Dogariu said.
Jupiter Group is building an office building around a historic house on a plot next to Dentotal’s hotel. The investment might amount to EUR7 million, according to ZF’s estimates.
“We started work on an office building with a gross floor area of 8,500 square meters two months ago. We’ll keep the house and integrate it into the new building,” said Catinca Ciornei, general manager of Jupiter Group.
“Work will take one and a half to two years, depending on the weather and will be self-funded. It’s a building in a unique area in the center of Bucharest so we’re not worried about renting it.”
Jupiter Group also owns Jupiter City retail center in Pitesti, in which it invested more than EUR40 million. Tenants include Carrefour, Praktiker, Media Galaxy, Mobexpert, Decathlon, New Yorker and Inditex (Bershka, Stradivarius and Pull & Bear).
Proiect Bucuresti has a smaller project under construction on Georges Clemenceau Street. The company designed it and the builder chosen to work on it is Comnord.
“It’s a small three-story building with a floor area of 1,500 square meters we are working on for a customer who wants to buy it upon completion,” said Dan Cojocaru, Proiect Bucuresti manager.
The building will probably include exhibition space on the ground floor, he added.
(English version by Loredana Fratila-Cristescu)