Cordia, the residential subsidiary of the Futureal Group, has announced its entrance onto Budapest’s District 9 market with a 1,300-apartment development in the Millennium Quarter.
The project will contribute to the regeneration of the mid-Ferencváros area started in the early 2000s, according to a press release sent to the Budapest Business Journal. Cordia says the residential buildings will be developed along a common axis in the Millennium Quarter, with the sites being close to each other, eventually totaling more than 1,000 apartments in several phases.
The first unit will be located close to the Research Center for the Humanities of the Hungarian Academy of Sciences, with modern offices in the area soon opening on the same block. Cordia will also start another 360-home development in the Lenhossék Park area of the district.
“We’re proud to have been the engine of the creation of the multiple award-winning Corvin Promenade and the regeneration of the Corvin Quarter,” said Cordia CEO Tibor Földi. “A similar project is waiting for us in the Millennium Quarter, although on a smaller scale,” he added.
Cordia also has developments in North Pest at the Marina Bay area, with nearly 800 apartments in three projects (the already started Marina Portside, the Marina Garden and Marina Life). Homes in the latter two projects are expected to be delivered in 2020 in several phases, Cordia says.
Cordia’s international award-winning urban regeneration project at Corvin Promenade, which started 13 years ago, is also reaching a new phase, the developer says. The promenade’s last available site will be home to the 194-apartment Grand Corvin building. Futureal Group, meanwhile, will develop the Corvin Technology Park offices in two phases.
“From now on, our developments can be put into three categories, as we focus equally on downtown areas, which have outstanding investor demand, waterfront and suburban projects,” noted Földi.