Cordia Begins Development of Marina City

Residential

Artist’s rendering of the Marina City development by Cordia.

The residential developer Cordia, part of the Futureal Group, has launched its latest large-scale urban rehabilitation development on a 14-hectare (34.6 acres) former industrial area in Pest’s District XIII.

The mixed-use Marina City complex will have a 1.2 km-long shoreline on the banks of the Danube. A waterfront, multifunctional promenade and 90,000 sqm of car-free green space will be created. With residential tower blocks reaching 64 meters, most apartments will offer views of the river and the Buda hills.

The investment is put at HUF 400 billion. The project will be served by direct metro connections 10 minutes from the city center and more than 100 shops, restaurants, service facilities, and sports amenities. According to the development plans, more than 2,500 apartments will be built in several phases.

“Since its foundation, Cordia and the Futureal Group have been committed to revitalizing neglected urban neighborhoods,” Gábor Futó, co-founder of Futureal, said at the cornerstone-laying ceremony for Marina City. Reference projects include Corvin Promenade, Etele Plaza (Hungary’s first smart shopping and entertainment center), and the Budapest One office development.

“We are also working on several neighborhood revitalization projects abroad. But we see in this abandoned area a place where buildings have zero local carbon emissions and exceed the strictest, most forward-looking energy requirements. We have envisioned a neighborhood that provides all services locally,” he added.

Residents of the new scheme will live in an environment that will be entirely car-free as the routes for service vehicles will be underground. A flood protection system is being developed on the site, which will be created by constructing an embankment and applying landscaping elements.

Innovation in Development

Mayor József Tóth emphasized the role of innovation in District XIII’s post-industrialization development through the creation of projects with both residential and business functions and green areas. Futó noted that Marina Center will be next to the river and the Váci út Office Corridor. The site was bought from CIB Bank through an open tender.

“The project consists of several towers along the Danube, the first of which is already under construction and will be completed in two years,” Futó explained. Around 15 towers are planned, with one launched annually; development will take around 17 years.

“We are able to build 64-meter-high buildings as the built-up density on the site is only 35%, with the rest consisting of green areas. […] We also have a building permit for around 100,000 sqm of offices. However, if demand is for residential or other uses, we can develop accordingly as the office market currently does not warrant such a large development,” Futó said.

Heating will be covered by air-to-water and ground-source heat pumps, eliminating the need for natural gas or district heating. Solar panels will be installed on the roofs of residential buildings, supplementing the grid electricity required to operate energy-producing equipment from green sources.

“The reception of our pre-sale campaign has been extremely positive; with nearly 50% of the first-phase apartments already sold, we will soon launch the sale of apartments being built in the second phase,” said Tibor Földi, president of Cordia International’s Board of Directors.

The overall project was designed by the Danish firm Bjarke Ingels Group. Hungary’s Garten Studio Kft. is responsible for the landscape design, while Tér-Team Kft. is handling the flood protection system. Building design was by Dyer Group, Közti, Radius B+S, and Puhl & Dajka Architect Studio.

This article was first published in the Budapest Business Journal print issue of May 17, 2024.

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