Spanish developer Gran Via, who built over 1,500 apartments in four years in Bucharest, will start a new project on 6.5 hectares of land in Constanta, bought more than ten years ago.

The land is on Aurel Vlaicu Boulevard, near the Vivo Shopping Center and the Auchan hypermarket. Gran Via Marina will have a total of 800-850 residential units distributed in eight blocks, 11 storeys high. The first block of construction works will come to market with 192 apartments and the investment amounts to 10 million euros.

The financing of construction works will be made from own funds, but also with bank loans.

Constanta became the fourth city in the country where young people would like to live and the offer of apartments is reduced, considering that most of the buildings are built in Mamaia, where entrepreneurs build apartment blocks for rent for the summer season.

“Moreover, the prices of the apartments in Constanta jumped for 1,000 euros per square meter for the first time and the city has a very high GDP per capita. There is money in Constanta, and then having the land for a very long time, we decided to start, especially since we are in the process of finalizing with the other lands we have in Bucharest”,  said Antoanela Comsa, General Manager of Gran Via Romania, to Economica.net.

The Spanish developer entered the local market before the crisis, when he bought former industrial platforms in Bucharest, such as Tricodava and Frigocom, but also the land in Constanta.

The crisis froze the company’s plans, but in 2013 work began on the first apartment building in Bucharest, on the site of the former Frigocom factory. In five years, Gran Via built over two hundred projects in Bucharest, Timisoara 58 and Gran Via Park. Under construction is the Aviation Apartments project, with almost 300 dwelling units, in the area of ​​the offices in northern Bucharest.

 

 

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