Real estate developer AFI Europe Romania has given up its plan to build a new mall in the Bucurestii Noi neighborhood in Northern Bucharest, where it owns the land of the former Laromet factory.

The developer will instead build a residential project there, which will be like “a small city”, said the AFI Europe CEO David Hay, reports Economica.net.

The company bought the plot with EUR 77.5 million before the crisis, planning to build a gigantic project.

The residential project will include two 11-floor and 14-floor buildings, as well as proximity retail spaces. The company has submitted the documents to get the permit to build two apartment blocks with 190 apartments. This will be the first stage of the AFI City project. The next stage is expected to include seven buildings, with another 700 apartments, said Hay. The Laromet plot can host thousands of apartments.

AFI has recently started developing its third mall in Romania, in Brasov. It owns two shopping centers in Bucharest (AFI Cotroceni) and Ploiesti, and the AFI Park and AFI Tech Park office projects.

editor@romania-insider.com