The housing complex on the Izolatorul platform covers an area of over 17,500 square meters and is being developed in two phases. The former factory, located behind Obor Station, was demolished in 2017.
“For more than two years we have already been looking at the eastern area of Bucharest, where we have identified an enormous potential for development and we are happy to be able to add this new project to our portfolio through which we expand our residential offer with over 500 new apartments. We are talking about an area that, in the last three years, has registered a significant evolution in terms of demand. At the same time, we are talking about an area where the stock of residential units is predominantly outdated, with very few new constructions”, says Yitzhak Hagag, Co-founder and main shareholder of Hagag Development Europe.
The Hagag Europe team was involved in the project from the early stages of the transaction, bringing improvements to the design concept and theme both in terms of the aesthetics of the facades, as well as in the area of reconfiguration and optimization of housing units, materials, finishes and installations, say the representatives the real estate developer.
The General Contractor is BTDConstruct & Ambient, and the project management is provided by Vitalis Consulting.
Phase I of the project, where the execution works of the resistance structure are being completed, will deliver three eleven-storey residential buildings (2S + P + 10E), a six-storey building (2S + P + 5E), and a total number of 273 apartments, 380 parking spaces and 2,000 square meters of modern commercial spaces. Completion of the works is scheduled for the end of 2025.
Once completed, the complex will include seven buildings with 568 studio, two, three and four-room housing units, served by 824 underground and above-ground parking spaces. To the 50,000 square meters built by the apartments are added more than 5,000 square meters of commercial spaces located on the ground floor of the residential buildings and approximately 5,200 square meters of green spaces inside the complex, charging stations for electric cars, a playground and paths accession.
Hagag has a portfolio of more than 200 million euros in Romania, including the former Petrom headquarters at Calea Victoriei 109, transformed into commercial and office spaces, the historic building at Calea Victoriei 139, where apartments are arranged, the H Tudor office building Arghezi 21 and Ştirbei Palace.
The company plans investments of almost 200 million euros, which could be supplemented with another 100 million euros for new acquisitions and future developments, according to the founder. The Israeli developer is betting further on the second and third phases of H Pipera Lake, H Primaverii 1 and H Eliade 9 on the residential sector and H Ştirbei Palace on the commercial.
