The block is near Vörösmarty tér, a busy location bustling with tourists and vendors (photo: Diane C Macdonald / Shutterstock.com)

The developer received permits for the project on April 8, with the project serving the declared purpose of conserving the architectural heritage of the capital.

The modernization will take place according to the plans of Italian architecture firm Lissoni Architectura, with the involvement of Hungarian experts. BDPST Group says it is committed to the renovation of public spaces near the block, and hence concluded a development agreement with the municipality of District 5, pledging to provide 15 parking spots in a parking garage within 300 meters during the time of construction.

The development concerns three buildings with different historical backgrounds. The palace at the corner of Apáczai Csere János and Wekerle Sándor utca, designed by Antal Weber, originally functioned as the center of savings bank Pesti Hazai Első Takarékpénztár, and was built in a Neo-Renaissance style in 1873. Next to it, the Futura House, designed by Aladár Münnich and built in 1937, incorporates modernist and Art Deco elements. The third house of the block, the Mahart House at Apáczai Csere János utca 11, was designed by Aladár Kármán and Gyula Ullmann, and built in 1913.

“In addition to the challenges associated with individual, authentic restoration tasks, we must also take into account that the most important parts of the building complex are under monument protection, so we have to meet special requirements and regulations to preserve and conserve the value of the architectural heritage, and to make it worthy of the World Heritage site,” noted András Elekes, development director at BDPST Zrt.

According to Elekes, the five-star hotel in the block will be operated by Marriott International, under the Autograph Collection hotel brand, which incorporates special hotels with unique designs around the globe.

BDPST Group is among the interests of István Tiborcz, son-in-law of Prime Minister Viktor Orbán, who said earlier that the company is aiming to become the leader in the domestic property development and management market.