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Esplanade Project in Bucharest abandoned
TriGranit Development Romania which intended to develop the real estate project Esplanade in Bucharest, evaluated for 1 billion euro, suspended its activity for three years as of 1 April 2011, according to a company press release.About half of the land of over ten hectares on which the project was to be developed is claimed by former owners which led to a delay of over 4 years of the investment.
Initially, the works were scheduled to begin in 2007, after the conclusion of a memorandum of collaboration with the developer’s representatives in 2006.The project was meant to have an overall built area of 800,000 square meters and would have included office and commercial buildings, hotels, residential areas and cultural projects.
The Romanian state, the owner of a part of the land would have owned a building of 40 million euro for cultural activities, office areas for state institutions of 12,000 square meters and public underground parking upon the conclusion of the project.
The whole ensemble should have become state property after 49 years, when the partnership with the project developer ended.
TriGranit Development Corporation is an international company specialised in developing and managing real estate projects and is active in several Central and East European countries.
TriGranit intends to invest directly 1 billion euro in the area of 107.140 square meters delimited by Unirii Blvd, Nerva Traian, Octavian Goga and Mircea Voda. Indirect investments were between 1 and 3 billion euro, according to the company.TriGranit is one of the biggest real estate developers in Central and Eastern Europe.