Developer starts EUR 100 mln mixed real estate project on former factory site in Bucharest

Local real estate developer One United Properties and retailer Auchan Romania are to kick off this month the work at the mixed real estate project to be built on the site of the former Ford factory in Bucharest. The total investment amounts to EUR 100 million. The multifunctional real estate project, called One Floreasca City, involves three components, integrated in an open project: the former Ford factory, which will be restored and modernized, being transformed into a retail space operated by Auchan Romania, a class A office building – One Tower, and three apartment buildings – One Mircea Eliade. “The former factory has not been used for 20 years, and has suffered severe degradation. Under the new development, the facades and the skylight in the main area will be dismantled, restored with a team specialized in this type of work, and assembled back on a new structure. The new building will be transformed in a contemporary retail space, operated by Auchan Romania. To respect the heritage of the property, the investor will use for the interior design vintage Ford models, some of them produced in the inter-war years at Bucharest,” reads the press release. The entire project will be built on a 2.8-hectare plot, with green areas representing 30% of the surface, according to the press release. Additionally, the developer will include pedestrian alleys, relaxing areas and a playground. The developer transferred to the City Hall the ownership rights for 1,000 sqm and will budget EUR 1 million for infrastructure investments, including the expansion of the Floreasca road from four to six lanes. All three components of the project, namely the office, retail and residential, will be delivered in 2020. One United Properties was established in 2007 by Romanian investors Victor Capitanu and Andrei Diaconescu, being known for projects such as One Floreasca Lake, One Herastrau Park, One Charles de Gaulle and One Herastrau Plaza. Irina Marica, irina.marica@romania-insider.com