For the beginning, EBRD has bought 35 percent of the future project, for some EUR 3 million, and will further invest in it, Razvan Chirciu-Hanson, sales and marketing manager for the developer, told Business Review. The project will be built on four hectares of land close to the former Tractorul site in Brasov, which will also host a project to include residential units and a shopping center, among others.
The Arcadia Residence project, which will feature 1,300 apartments in total, should have works on site starting towards the end of this year. The first phase of the project should be completed within 18 months from start of works. The project will also include retail areas, a spa center, and a kindergarten. Sales will start in September this year.
BSR Europe had previously announced its intention to build 3,000 apartments in Brasov, with plans to invest EUR 150 million in developing them. Company representatives have also previously said it intends to build three residential projects in Brasov in the next five years. BSR Europe is part of Israeli group BSR Group.