Forty Management, one of the main real estate developers of innovative, sustainable, mixed-use projects, is buying the land for developing the mixed-use, green, urban regeneration project, Central District Lagoon City in Warsaw and Prague.
Forty owns the Crystal Lagoons license – which allows the development and the operation of large man-made lagoons, with crystalline water, at low maintenance costs – for Bucharest, Budapest, Warsaw and Prague and is negotiating at this moment new locations in Milan and Lago di Garda.
Lagoon City is the first mixed-use, scalable real estate project that is completely self-sustainable – all the necessary energy is produced within the project – and the first neural carbon project in Eastern Europe and will involve a gross investment of 120-160 million euro per location, differing from one country to another.
“The latest business results validate one more time the healthy growth path of the company, the has always been constant, no matter what the market context was. 2022 is the year when Forty Management reached the third stage of development and becomes from a real estate company, a company that administrates financial investments in the real estate field. For the next period, our priority is to implement the scalable project Central District Lagoon City in Bucharest, following a 120-million-euro investment. The next locations will be situated in Budapest, Warsaw and Prague, being the first real estate developer with Romanian capital to go over the country borders”, says Lucian Azoiței, CEO Forty Management.
According to him, Central District Lagoon City includes a 5 stars hotel operated by a 5-star international hotel, with 343 rooms, 401 apartments to rent, 9.200 sqm of commercial spaces, 8.500 sqm offices, a 10.000 sqm lagoon with 3.200 sqm white sand beach, restaurants, gym, beach bar and sky bar, kinder garden, and many other facilities. In Bucharest, the mixed-use project will be developed on a 40.000 sqm land situated on 18th Coralilor Street, District 1, and will benefit of a total 100.000 sqm building surface area.
“We are happy to see that our partners are supporting us in scaling this innovator project over the borders. In Budapest, the hotel operator validated the proposed location, so we are going forward”, says Lucian Azoiței, CEO Forty Management.
The company portfolio includes Central District Polonă 25, Central District Cuza 99, Central District 4 Elemente, Central District Viitorului 134, Central District Lagoon City and Central District Royal Suites, delivered or in different stages of development.