After buying a significant portion of the property, developer the BDPST Group is set to conduct a complex renovation of the partly protected, Neo-Baroque Adria Palace on Szabadság tér, says a press release sent to the Budapest Business Journal.
The Artúr Meinig-designed building, originally built between 1900 and 1902 for the Adria Royal Hungarian Sea Navigation Co., is currently in a poor state due to the lack of care it received in the past century, according to the press release. Plans of the BDPST Group include the restoration of the protected monument, alongside the development of apartments, offices, and room for stores matching modern requirements.
The project is not the first time the BDPST Group has moved to save protected buildings, as the reconstruction of the Schossberger Castle in Tura, northeast of Budapest, is currently underway.
"Our goal is to protect and to give new functions to mostly buildings with protected status via our developments, so this project perfectly fits BDPSTʼs profile," says CEO Judit Tóth. Despite its current condition, the palace is a popular venue among international filmmakers. Scenes of movies such as A Good Day to Die Hard (fifth in the Die Hard film series) and Red Sparrow were shot in the building in recent years, the press release notes.
BDPST Group is among the interests of István Tiborcz, son-in-law of Prime Minister Viktor Orbán, who said earlier that the company is aiming to become the leader in the domestic property development and management market.