Speedwell plans EUR 24 mln final phase of Paltim project in Timișoara
Real estate developer Speedwell said it is preparing the final phase of its Paltim mixed-use project in Timișoara, in western Romania, after securing approval for a revised zoning plan and obtaining an urban planning certificate. The EUR 24 million phase will add approximately 108 apartments and 1,200 sqm of retail and service space.
The new residential component will include studios and apartments with one to four rooms, ranging from approximately 37 sqm to 115 sqm of net area. The homes will also feature private terraces, while parking for cars and bicycles will be located underground.
The original plan for this phase included office space, but Speedwell converted that component to residential use in response to changes in the local market. The developer said demand for new offices had become more selective, while interest in residential properties remained solid.
The building will retain a significant commercial ground floor. Potential uses for the new spaces include cafés, bakeries, restaurants, pharmacies, banking, and other services.
The final phase will also add landscaped areas and a second children’s playground, complementing the project’s existing central courtyard and pedestrian spaces.
Paltim is being developed on the site of the former Paltim hat factory, close to the Bega River, Central Park, and Timișoara’s historic center. The project incorporates two restored industrial buildings to preserve elements of the site’s heritage.
One of the buildings has already been restored and reopened. The second, the 640 sqm Paltim Pulse Villa, is nearing completion and is being offered for sale or lease as commercial space.
Speedwell has operated in Romania for more than ten years and has projects in Bucharest, Cluj-Napoca, Timișoara, Râmnicu Vâlcea, and Brașov. Its portfolio includes around 160,000 sqm of office and retail space, more than 5,500 apartments, and 23,000 sqm of industrial space, with a stated total development value of approximately EUR 2 billion.
irina.marica@romania-insider.com
(Photo source: Speedwell)
