Developers Apricot Capital Group (“ACG”) announced the signing of a general contractor agreement with Budimex S.A. (“Budimex”) for the construction of a new Private Rental Sector (“PRS”) development at Taśmowa 5, in the Mokotów district of Warsaw. The total investment exceeds PLN 270,000,000 and ACG’s investor has provided the full sum in equity.
Once completed, this 8-storey development with 2 underground levels at Taśmowa 5 will encompass a gross leasable area of c. 25,000 sqm. The complex will offer 423 resident units, catering for stays of varying periods. The underground building will consist of a 2-level parking lot and multiple storage units. Landscaped gardens, roof terraces, and bicycle parking spaces are also planned for the complex, as are a mix of culinary, social and entertainment offerings. The building is being developed to the standards of the BREEAM “Excellent” certification. A major feature of the site is the fact that it borders Warszawa Słuzewiec station, the first stop after the airport on the S2 SKM (Fast City Rail) train line, leading straight into the centre of Warsaw—and one stop away from the main airport (Warsaw Chopin).
The entire complex will be managed and operated by Apricot Entertainment. This is one of multiple PRS projects which Apricot Entertainment have lined up to operate, as part of their ambitious expansion plans.
“The commencement of construction of our Taśmowa 5 development is a significant milestone on a journey which started 5 years ago, with ACG’s acquisition of this land, then zoned as industrial. We are pleased that our long-term PRS strategy conceived back in 2018, based on Poland’s housing market dynamics, has been proven to be the right one, especially in the light of the subsequent pandemic, inflationary environment, and higher interest rates”, said Raúl Martín Gámez, ACG’s Chief Operational Officer. The opening of the building is expected in Spring 2025.
ACG is a leading mixed-use real estate company that strives to give rise to inspiring spaces, in which new experiences, lifestyles and communities, are created. Budimex, a company which ACG have used as a general contractor on a number of their residential and office developments over the last decade, was selected due to the superior quality of work they have delivered in the past, as well as their large size which enhances their ability to expertly navigate the current market environment.
The sale transaction of the plot was carried out by Greenfields, who also coordinated the process of preparing the investment, including obtaining of the building permit. The architectural company responsible for the concept, building design, and architectural supervision is Studio20.