Forty Management has announced that it has started work on the development of Central District Lagoon City Bucharest, the most innovative mixed urban redevelopment project, self-sustainable, unique in Central and Eastern Europe. The value of the investment in Romania exceeds 120 million euro, while the projects in Budapest, Prague and Warsaw will have investment values ranging between 140 and 190 million euro each, depending on the mix achieved and the needs identified in these markets.
“The Bucharest project will have solar panels of about 1.6 GWh, functioning as a prosumer – it will bring the additional energy into the network, and the heating and cooling will be done with the help of geothermal pumps, while air-to-air and air-to-water pumps will provide heating in the floor and cooling in the ceiling – we operate according to the classic model for the building and with heat exchangers for the lagoon,” Lucian Azoiței, CEO of Forty Management, told Energynomics. The rooftop solar park is to be developed soon, and the grid connection approval (ATR) has not yet been requested.
He also said that the project is financed by a syndicated loan obtained from CEC Bank, Alpha Bank and First Bank, but it is possible that the EBRD will also invest in the project.
At the same time, it will be the only complex with net-zero emissions in CEE, the water consumption will be 40% lower than in the case of an ordinary building, and the maintenance costs of the whole complex will reach only 5,000 USD per month. Thus, all utilities will be provided in-house, with tenants paying a symbolic monthly price of around USD 0.5/square meter for maintenance. “In the first five years, only local taxes and fees will be worth about 36 million euro.”
The complex will be built in just one year, generating 3,000 initial jobs and 840 permanent jobs.
Forty Management officials also stated that the project in Bucharest is distinguished by the fact that it will implement for the first time in Eastern Europe the patented Crystal Lagoons technology, which allows the construction and maintenance of artificial lagoons with turquoise water, of unlimited size, effective from the point of view of costs and energy consumption. The artificial lagoon will be located on an area of over 10,000 square meters, it will have a maximum depth of 2 meters, two large beaches of over 3,200 square meters and numerous other facilities. The lagoon, whose completion is estimated for the end of this year, will be able to be used for swimming and water sports during the summer and partly as an ice rink during the winter.
Later, Lagoon City will bring around this man-made lagoon a five-star hotel with 323 rooms affiliated with an international brand, 401 apartments for rent, 9,200 sqm of commercial and service spaces, a Class A office building with of 8,500 sqm, as well as countless other facilities, practically a mini city with all the destinations necessary for urban living.
The service component of the Central District Lagoon City will include a helipad, concierge services for all apartments, 3 restaurants, 2 beach bars, a 430 sqm bistro that will also serve the beach area, a sky bar, cafes, a cinema private, kindergarten, 2 SPA centers, a beauty clinic and electric car sharing services.
The Crystal Lagoons franchise can only be used once in a country
For the development of the Lagoon City concept, Forty Management acquired the Crystal Lagoons franchise, the most innovative American technology company for the development and implementation of sustainable artificial lagoons and beaches, with over 1,100 projects completed or in various stages of execution, in over 60 countries. Forty Management is the rights holder for the implementation of Crystal Lagoons in Hungary, Poland, Czech Republic and Romania.
“We are delighted with the partnership with Forty Management and the fact that we are able to implement together our revolutionary concept, Crystal Lagoons in Bucharest, Budapest, Prague and Warsaw. Being a market leader in the field of innovation and technology, we focus on improving the quality of life by creating in cities new meeting points, attractive for people, each project development being adapted to the demands and specifics of the respective market. We are proud that through our patented technology, unique in the world, we can contribute to increasing the value of real estate projects in Central and Eastern Europe, but also to improving aspects related to sustainability in the entire region,” said Francisco Matte, European Director of Crystal Lagoons.
“Through this extraordinary project, we aim to redefine the notions of lifestyle and entertainment, bringing all these high-end facilities right in the city center and transforming Bucharest into a holiday destination, with turquoise waters and idyllic beaches. Moreover, Lagoon City implements the highest standard of sustainable development, being the first green mixed real estate project in Central Europe, self-sustainable, in which all utilities are produced in-house,” added Lucian Azoiței, CEO of Forty Management.
