Real estate developer Gran Via has so far invested 100m euros in the acquisition of plots of land, particularly in Drumul Taberei, where it owns the plots of former plants Tricodava, Frigocom and Electrotehnica.
What strategy does the Spanish firm have for the building of around 5,000 flats without blocking the congested traffic of this area of Bucharest?
Gran Via wants to change the image of western Bucharest, where real estate investors have primarily focused on building shopping centres, and will invest some 50m euros in the infrastructure of projects to be developed in Drumul Taberei, reads this week's BUSINESS Magazin.
"We already have traffic solutions. For instance, in the case of the project at Electrotehnica, we'll provide space for an extra lane to expand the Timisoara boulevard and we'll build a total of around 6,000 subterranean car parks," says David Martinez Vallnona, general manager of the domestic subsidiary of Gran Via.
"We specialise in taking down plants and we like Drumul Taberei in particular, an area where shopping spaces have developed quite a lot, but people have a hard time getting to work to the other side of the city. This is why we decided for our most ambitious project, at Electrotehnica, to also include office spaces," says Gran Via manager.
Electrotehnica was located on a 4.3-hectare plot near Plaza Romania and was purchased for 30m euros from New Century Holding US firm, which also sold Tricodava plant to Gran Via, for 42m euros.
Electrotehnica project will be "a mixed one, with a built area of 210,000 square metres and will entail investments of 250-300m euros," says Vallbona. The project will be developed in stages, with the first one comprising a four-star 20,000 square metre hotel, two office buildings with an area of 35,000 square metres and seven blocks of flats. "(...) The project
