Romanian developer of Forty Management has bought close to 4 hectares of land in the north-western part of Bucharest (Străulești area) for EUR 8.2 million.

It plans to develop the first 100% green mixed-use project in Bucharest around an artificial lagoon occupying roughly half of the land, Profit.ro reported.

The total investment is estimated at around EUR 100 mln.

Forty Management bought the land from by Veronica Gușă de Drăgan, who has inherited ButanGas Romania. Last year, Hungaria group Cordia also bought a plot from ButanGas in the same area.

Forty Management aims to convert a former industrial land into a large mixed project with 570 apartments, a hotel, offices, commercial spaces, recreation spaces, urban gardens, which will surround this lagoon.

The project is called Central District Lagoon City.

"Crystal Lagoons technology allows residents to practice swimming and water sports, such as kayaking or winter skating, among others, or simply relax on the beach and enjoy the idyllic view of the water without having to travel beyond their backyard. Central District Lagoon City will be the first project in Central and Eastern Europe 100% green, with self-sustaining energy efficiency through independent renewable sources," said Lucian Azoitei, CEO Forty Management.

The opening photo shows a proposed masterplan for the Crystal Lagoon project proposed by Razvan Barsan + Partners. (Photo source: Central District Facebook page)

andrei@romania-insider.com