Spanish group starts third phase of residential project in Bucharest

Spanish group Gran Via, one of the biggest residential developers active on the local market, has obtained the building permit for the third phase of its Timisoara58 Apartments project, reports local Wall-street.ro. The project is being developed on a 3.2-hectare land plot on the former site of the Frigocom factory, in Western Bucharest. The project’s third phase will include 250 apartments in two buildings with up to 10 floors. The estimated cost is some EUR 12 million, according to market sources. The apartments should be finalized in spring 2019. Local real estate agency Imoteca is the exclusive sales agent for the project and 39 apartments have already been sold, according to Gran Via representatives. The Spanish group invested some EUR 14 million in the project’s first two phases, which included a total of 245 apartments. Gran Via owns several other big land plots in Bucharest and Constanta. editor@romania-insider.com (photo source: Ansamblu rezidential Timisoara 58 on Facebook)