The Warsaw office of Hines has announced that construction has begun on Apartamenty Novum, the approx. 400-unit multi-building apartment complex ranging in heights from four to nine stories.
The development is located in the center of Krakow.
The development is located in the center of Krakow at 20 Rakowicka Street, only 1.5 km from the Main Market Square of the Old Town. The development is situated on a 4.8-hectare (11.8-acre) site, which was acquired in October 2011 by Hines and Heitman.
"Our first attempts to purchase an investment in Krakow were made back in 2005. We were looking for a centrally located site allowing for a larger scale project, which is extremely difficult to find in Krakow because of its densely built historic district," said Wojciech Rumian, Managing Director for Hines Poland.
"The start of construction on Apartamenty Novum is not only a happy ending to a complex acquisition process, but also a beginning of a long-term presence of Hines in Krakow and a hope for subsequent investments."
The 286,500-ft² (approx. 26,600 m²) complex was designed by local architect IMB Asymetria. The complex will be modern in design, and will include landscaped internal courtyards and reception lobbies with quality finishes. Apartment ceiling heights will be above-standard at 3.1 meters. A two-level garage will contain 458 parking spaces.
Hines recently opened a sales office on-site. Pricing for the apartments starts from 7,800 Polish zloty (1,886) per m² for an unfinished apartment. In the second half of 2012, Hines will introduce options for apartment finishes. Project completion on the for-sale apartments is expected at the end of 2013.
Contractor services are being provided by Erbud S.A.