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Budapest approves development plan for Óbuda gas works

The City Council of Budapest approved on Tuesday a schedule for a plan to develop the area around the Óbuda Gas Works, a long-abandoned listed building in the north of the capital. The decision serves as a base for Ft 79 billion in property development planned on the site. Private investments are expected to cover Ft 55 billion of the total cost of the development, to include homes, businesses and cultural centers, the City Council will contribute Ft 2.5 billion, Ft 1.8 billion will come from the central budget and Ft 19.9 billion from public-private partnerships. The City Council expects Ft 8 billion from the proceeds of sales of property at the site. The development is expected to be completed by 2010.