Cordia Completes Grand Corvin 2, Plans New Urban Regeneration Project
The last residential building along the Corvin Promenade has been completed, but Futureal Group and its member Cordia are set to launch another 10-hectare urban renewal development project in Budapest, on the banks of the Danube, according to a press release sent to the Budapest Business Journal.
The Corvin Promenade is the centerpiece of the largest urban renewal program in Central Europe, launched more than a decade and a half ago. Futureal Group’s project has reached its final stage as the last residential building on the Promenade, the second phase of Grand Corvin is now complete and residents are moving into their homes. The promenade is the widest and also one of the longest pedestrian streets in Budapest, which has won several international awards in recent years.
At the same time, the renewal of the Corvin district surrounding the Promenade still continues as Futureal Group also carrying out several residential and office projects in the surrounding streets, such as the condominium building next to the future Psota Irén Memorial Park in Tömő utca and the Futó utca development, which will be put on the market in the upcoming weeks.
The group is also about to launch another large-scale urban district redevelopment project which is similar in scale to the Corvin Quarter, and will be located on a 10-hectares brownfield site on the banks of the Danube in Budapest, named Marina City.
"The Corvin Promenade is an exemplary development project that has served the interests of the Hungarian capital, the district, the residents of the area and of course the people, who buy a home in our buildings. It means that on one hand, the average price per square meter of the homes here has increased by more than the average in the capital, and on the other hand, these apartments can be rented out for a higher fee compared to the surrounding area," says Áron Görög, Cordia's sales director.
"When the development started in 2005, the average price per square meter was HUF 312,000, for today this price has increased 5 times. The monthly rental fee for studio apartments on the Promenade are in many cases already run over the HUF 200,000 mark, compared to an average of HUF 150,000-160,000 for relatively new studio apartments in the area. For one-bedroom apartments, the average rental fee on the Promenade is about HUF 250,000 to HUF 300,000, while in the neighborhood it stands around HUF 210,000 to HUF 230,000," he adds.
The development of Corvin Promenade included the renovation of 22 hectares of land where 2,700 new apartments, 100,000 sqm of office space and 50,000 sqm of commercial property have been built for a total of almost EUR 1 billion.
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