Codic launches ʼHomeWorkʼ building rehabilitation project

Office Market

Codic Hungary has announced a new real estate project named "HomeWork" aiming at rehabilitating and repurposing a historic school building and its vicinity in Margit körút, while creating some 1,300 sqm of green space, according to a press release sent to the Budapest Business Journal.

Within the framework of the project, which is expected to be completed in the second half of 2022, the facade of the building will be completely restored, while the interior spaces will be partially remodeled and expanded.

"In one of the most frequented locations of District II, we will build a multifunctional building of historical and monumental significance and a substantially larger, landscaped green area," said Christophe Boving, managing director of Codic Hungary Kft.  "With this, we create tangible value not only for our prospective tenants and residents, but also for the people living in the district. This will not only be reflected in their quality of life, but also in the value of their properties,” 

Codic, with the involvement of Hungarian and international experts, examined the alternatives of relocating plane trees located in the development area. As a result, in cooperation with the district municipality, two smaller trees have been safely relocated.

At the request of the district municipality, Codic has also looked at the possibility of retransplanting a particularly large plane tree standing on the corner of Margit körút and Rómer Flóris utca. As this option proved to extremely risky due to the size of the tree, the developer decided to modify the construction plans at its own expense, and preserve the tree on site despite having all necessary approvals needed to cut down the tree, as well as a valid building permit.

"Thanks to our cooperating partners and the district municipality, we have managed to find a solution that will keep the tree in its original place, while our complex development project can also be implemented," emphasized Boving.

"HomeWork" to feature both homes and offices

According to Codicʼs plans, the revived complex will have 15 apartments on the top two floors, as well as 3,600 sqm of office space and a food court with covered terraces for office workers, residents, and guests on lower levels.

The single-story underground garage will accommodate several bicycle storages and 50 parking spaces. Offices and apartments can be accessed from the garage via separate staircases and elevator blocks. The complex will feature a separate entrance for employees and residents on the ground floor.

In the HomeWork building, the monumental staircase of the former school will be reserved for office tenants. The high windows of the existing facade will be combined with the large glass surfaces of the new facade, giving the interiors plenty of natural light.

Ibolya Csiernik, leasing and marketing manager of Codic Hungary stressed that the mixed-use development of the house-office alone ensures that the project creates not only workspace, but also high-quality living areas to function as homes.

Therefore, an integral part of the investment is the creation of private terraces, large community green areas, as well as a new, larger park. The relocated or removed trees will also be replaced, and the paved inner garden, now serving as a parking lot, will also be covered with grass and multi-level vegetation.

A greener district

In the urban planning contract signed between Codic and the municipality, in 2016, the developer also committed to making District II greener. The details of the undertaking are currently being finalized with the municipality and FŐKERT Zrt. The districtʼs residents will also have a say in this process, in the form of a public consultation.

"With the combination of a completely renovated and expanded 500 sqm park, a peaceful inner garden, and a green roof, we create a total of 1,300 square meters of pleasant, green environment. Despite the fact that it is located in a private area, it is important to note that the park and the community space will not only welcome the residents and employees of the building, but it will also be open to the public," pointed out Csiernik.

The extensive green roof on the entire roofing panel will also contribute to improving the air quality and, as HomeWork’s highest point is lower than the surrounding buildings, it will also be of aesthetic significance to its neighbors.

The old school building, built in 1883-1884. The corner building, originally a pharmacy, was built in 1875.

According to the press release, the design was prepared considering the data from the construction history and monument research documentation and value inventory, created by monument researchers Ferenc Bor and József Rozsnyai.

The planned demolition involves as few structures as possible and is intended solely for the unavoidable intervention that is necessary to ensure technical stability or to eliminate life-threatening situations. Preparatory demolition work has been completed, and archaeological excavations are underway in line with the building permit.

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