River Development kicks off building works for a new project in Bucharest
River Development, a company owned by Ion Radulea, part of Romanian SEMA Group, has announced a new development in Politehnica area. The construction works for ‘The Light’ office building have already started and it’s expected to be delivered in the first quarter of 2018. The 11-store tower will have a leasable area of aprox. 21.000 sqm and will cost €33.5 million. The advantages presented by The Light are the proximity to Politehnica underground, good transport connections and easy access to multiple retail areas.
The company plans to add a residential area including 1200 flats as part of the second phase of the project, which confirms the development trends of the West side of Bucharest. River Development will use the former Pumac factory ground for the whole project and will invest €150 million into the redevelopment of the 3.2 ha. allocated.
Source: CIJ Journal; wall street.ro, property forum