Real estate developer AFI Europe, known for its commercial and office developments, has received the construction permit for its first apartments in Romania.
It will start working on the first phase of the AFI City residential project in Bucharest in a couple of months.
With 190 apartments and 228 parking places, the compound will be built instead of a planned mall on the premises of the former Laromet factory in Bucharest. The developer was planning a large shopping center, its second in Bucharest after AFI Palace Cotroceni, but decided to switch to residential after understanding it would have been hard to build a mall there.
AFI Europe is currently working on residential in other Central and Eastern European countries, alongside Romania, some 1,000 apartments in total, according to David Hay, CEO of AFI Europe Romania. The Bucharest residential project will have two stages.