FRI-EL Buildings, part of Italian group FRI-EL Green Power, will invest over €80m in developing Ateneo Timisoara, the biggest residential scheme under development in the western part of Romania, projected with 1.300 apartments and a vast list of amenities and facilities. Ateneo Timisoara is located in Torontalului area, one of the most dynamically developing areas in the city, close to the Agronomy and Veterinary Medicine University and at approximately one kilometre from the future IKEA Timisoara store. The first phase of the project will include 153 apartments in three buildings, after an investment of approximately €10m – exclusively company equity. Construction works are being undertaken at the 5th floor of the first two buildings, set to be delivered in the spring of 2021, while the third building will be delivered by the end of next year.
Ateneo Timisoara will also include a 2,500m² LIDL, which will be constructed by the end of 2020, ahead of the first blocks of flats from phase one. Other amenities include nine sports fields, a kindergarten, a commercial centre along with several commercial spaces at the ground floors of the buildings which will host up to 120 shops of different sizes, a 16,000m² park. First two buildings from phase one, with 102 apartments, will include 104 underground parking spaces and also 110 outside parking spaces.
”We chose Timisoara because it is one of the main economic pillars of Romania and the most important urban centre from the West of the country. We found here a residential market in the full development stage and a real demand for smart partitioned apartments, at competitive prices but, more important, for apartments part of integrated projects, with multiple facilities specific to a new lifestyle. We started the development of Ateneo Timisoara at the end of 2019 and we haven’t slowed down during the last three months, having full confidence in the local residential market. The entire development of Ateneo will last for many years ahead and we are also looking at new investment opportunities”, stated Luca Cainelli, CEO FRI-EL Buildings Romania.