BDPST Group prepares to renovate Adria Palace

Deals

After buying a significant portion of the property, developer the BDPST Group is set to conduct a complex renovation of the partly protected, Neo-Baroque Adria Palace on Szabadság tér, says a press release sent to the Budapest Business Journal.

The Adria Palace in its current condition.

The Artúr Meinig-designed building, originally built between 1900 and 1902 for the Adria Royal Hungarian Sea Navigation Co., is currently in a poor state due to the lack of care it received in the past century, according to the press release. Plans of the BDPST Group include the restoration of the protected monument, alongside the development of apartments, offices, and room for stores matching modern requirements.

The project is not the first time the BDPST Group has moved to save protected buildings, as the reconstruction of the Schossberger Castle in Tura, northeast of Budapest, is currently underway.

"Our goal is to protect and to give new functions to mostly buildings with protected status via our developments, so this project perfectly fits BDPSTʼs profile," says CEO Judit Tóth. Despite its current condition, the palace is a popular venue among international filmmakers. Scenes of movies such as A Good Day to Die Hard (fifth in the Die Hard film series) and Red Sparrow were shot in the building in recent years, the press release notes.

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.

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

Martina Cifer joins Avison Young Hungary Appointments

Martina Cifer joins Avison Young Hungary

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.