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23.12.07, 22:19
Orco heads for the coast
The Luxembourg based developer plan s a new residential complex in
Szczecin.
Orco Property Group has just acquired a 7.3-ha plot on ul. Szosa
Polska in Szczecin and is planning to develop a residential complex
there - its first such project outside Warsaw. The developer has
announced a competition for the projects design, which will be
completed in four stages. Work on the first stage will start in the
spring of 2008 and will be completed in 2009.
"This is our first investment in Szczecin. We see great potential in
that region of Poland and we are going to look for other investment
opportunities here. I think the scale of the project proves our
faith in the local market," says Douglas John Noble, director of
Orco Poland. "We are happy that we managed to finalize the
acquisition and are now able to start the work. We will do our best
to make this residential complex Szczecin's pride," he adds.
The developer is planning to build several two- and three storey
buildings, hosting 770 mid-priced apartments. The complex will be
located some five kilometers from the city center, near the Oder
River delta. Some two hectares within the complex will be designated
for commercial developments.
Orco has been present in Poland since 2001. So far the company has
completed several residential, office and hotel complexes in Warsaw,
including the Le Regina Hotel, Diana Residence and Flamenco, a
residential complex. Currently the company is working on the
Szafirowa Aleja complex, Casa Verde and Mokotowska 59, as well as
its biggest investment, Złota 44.
