The Warsaw office of Hines, the international real estate firm, announced that construction has begun on the Arboretum, a 12-story 315-unit residential building located at 4 Lukasinskiego Street in Lodz. Project completion on the for-sale apartments is expected in the second quarter of 2012. The 236,031 ft² (approx. 21,852 m²) complex was designed by Staszewscy Zióùkowscy, a leading design studio in Lodz, and is being constructed on the former Aleksander Schicht factory site.
Budimex S.A., a construction company with more than 40 years of experience in Poland, is the project's contractor.
"The Arboretum will offer a new level of quality to the city's residential market," said Mieczyslaw Godzisz, managing director of Hines Poland. "We are pleased to be working again with Budimex S.A., a firm we are also using on an office project in Lodz."
Apartment sales have already begun. Prices begin at the equivalent of $170 U.S. per ft², and apartment units range in size from approximately 400 to 1,650 ft².
PKO Bank Polski S.A., the largest bank in Poland, is financing the project for the Hines International Real Estate Fund (HIREF). The bank will also offer advice and assistance to Arboretum buyers regarding mortgage loans.
Hines entered the Poland real estate market in 1997 with the development of Metropolitan, a Class A office building located at Pilsudskiego Square in Warsaw, which received the MIPIM Award in Cannes in 2004 for the Best Office Building in the World. Hines also developed the Impresja apartments in Wilanow. Currently, the firm is developing the Sterlinga Business Center in Lodz and the Quattro Towers residential complex in Gdansk.