The Warsaw office of Hines, the international real estate firm, announced today that construction has begun on Twarda 2/4, a 43-story residential tower with 274-units, located at the center of Warsaw on Twarda Street adjacent to Grzybowski Square and near the Palace of Culture and Science. Project completion on the for-sale apartments is expected in the third quarter of 2012.
Hines is managing the development on behalf of a consortium of private investors. HOCHTIEF Polska is the contractor on Twarda 2/4. Site preparation work began in November of last year.
"We are delighted to bring this high caliber project to Warsaw, and are happy to be joining forces with HOCHTIEF for the second time in the city," said Mieczysùaw Godzisz, managing director for Hines Poland. "As demonstrated with our previous undertaking, Metropolitan office building located at Piùsudskiego Square, we will add to our track record of delivering technically sophisticated, architecturally significant buildings."
"The high-rise apartment tower at Twarda Street is one of the largest residential projects under development in Warsaw," said Henryk Liszka, head of the management board of HOCHTIEF Polska. "Every new development poses new challenges. To ensure the highest quality working and living standards for the future inhabitants of Twarda 2/4, we will draw upon our expertise gathered over our history of constructing numerous upscale projects."
"Since the market has experienced several false starts on comparable residential projects, we believe it is important to rebuild consumer trust in upscale projects such as Twarda 2/4," explained Iwona Strzelecka, project manager for Hines Poland. "Sales will commence in late autumn, when construction is well underway and a sales office is in place to give potential buyers a feel for the quality that will be contained in the project." Pricing for the apartments has not been set; however, it will be competitive with the market.
Hines entered the Poland real estate market in 1997 with the development of Metropolitan, a Class A office building at Piùsudskiego Square in Warsaw. Metropolitan 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 Arboretum residential complex and the Sterlinga Business Center in Ùódê and the Quattro Towers residential complex in Gdansk.