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Dist. 7 starts Ft 9.3 bln Garay reconstruction project

The local council of Budapest's District 7 on Friday laid the cornerstone for a Ft 9.3 billion development on the area around Garay tér, behind the city's Keleti railway station. The reconstruction project will involve the building of a 61,000 square meter residential and business complex, said Irén Kreisz, who heads the project company Garay Property Developer. The project will be completed sometime next year. Pendola Holding Center, a privately-owned company, will pay for 70% of the project's costs in return for a part of the development, which it will sell when completed. The local council will retain ownership of the rest, which it will lease out or sell.