Thursday, August 13, 2020
Home News Investment Market One Floreasca City gives back to Bucharest and its community a central...

One Floreasca City gives back to Bucharest and its community a central area, abandoned for two decades

One Floreasca City, the multi-functional real estate project One United Properties and Auchan Romania are developing at the junction of Mircea Eliade and Floreasca roads in the center of Bucharest, gives back to the city and its community an area abandoned for the past 20 years.

 

One Floreasca City involves three components, integrated in an open project: the former Ford factory will be restored and modernized, to be transformed into a contemporary retail space operated by Auchan Romania; a class-A office building, One Tower; and three exclusive blocks of design apartments, One Mircea Eliade. The entire project will be built on a 2.8-hectare plot, out of which 30 percent will remain green areas. Additionally, the developer will include pedestrian alleys, relaxation areas and a playground. The real estate development returns the abandoned area to the public circuit, the project , upon completion, will be open to the entire community for pedestrian traffic.

 

The developer transferred to the Municipality the ownership rights for 1000 sqm and will budget €1 million for infrastructure investments: Floreasca Road will be enlarged from 4 to 6 lanes; a new traffic solution and traffic light will be implemented at the junction of Mircea Eliade and Floreasca roads, existing traffic lights will be updated with new units, compatible with the traffic management system of Bucharest Municipality (BTMS), new bus-stop areas will be added, and the public lighting system on Floreasca Road as well as the junction of Floreasca and Glynka roads will be upgraded.

 

Investors paid special attention to the way they will integrate into the project the historic former Ford factory building, a landmark for Floreasca neighborhood and Bucharest as well. The building dates back to 1935, when the American company was manufacturing luxury cars in Bucharest. The property was nationalized when the regime changed and from 1948 functioned under the name of “Automatica.” After the fall of communism, the factory ended its glory days and finally stopped production. For 20 years the former factory has not been used and has suffered severe degradation. Under the new development, the facades and the luminary in the main area will be dismounted, restored by a specialized team, and assembled back on a new structure. The new building will be transformed into a contemporary retail space, operated by Auchan Romania. To respect the heritage of the property, the investor will use for the interior design vintage Ford models, some of them produced in the inter-war years in Bucharest.

 

The necessary investment for the development of the entire property compound is €100 million, the investors taking the challenge to deliver a state-of-the-art multifunctional project where inter-war architecture blends with contemporary design and use, all the buildings follow the latest construction innovations and green building standards for minimal impact on the environment.

 

The tender for the structure of the office and residential components is to be finalized soon, with work to start in April. All three components of the project: office, retail and residential will be delivered simultaneously in 2020.

Most Popular

M7 acquires Katowice office building for new CEE fund

M7 Real Estate has undertaken its first acquisition on behalf of M7 CEREF II, its value-add opportunities fund focused on offices and...

Metropol Group acquires five shopping centres in Poland

Greenberg Traurig advised Metropol Group on the acquisition of a shopping centre portfolio, consisting of five regional convenience stores is located in...

Weerts Group to start new warehouse development near Budapest

The logistics sector of Hungary is booming with foreign investors continuing to be optimistic about the market outlook. The latest evidence of...

Panattoni sells two city logistics parks in Warsaw to LaSalle

Panattoni and Marvipol have sold two city logistics parks in Warsaw to LaSalle Investment Management. The facilities, totalling nearly 25,000 sqm, were...