Nisco Invest builds Akademia Center

The project also includes retail areas to give the private partners the opportunity to get a return on their investment. Nisco will launch Akademia project this week. The concession contract was signed in January this year.
Akademia will be located close to Lucian Blaga Square in Cluj-Napoca. Construction works, which will start soon, according to previous statements, should be completed in 2009. The project at first struggled to get the required permits as the commission of historical monuments in Cluj-Napoca refused to authorize it. The necessary permits ultimately came from Bucharest.
Nisco won the Cluj-Napoca municipality tender in 2005, after having initially filed a EUR 15.4 million offer. After the concession contract was signed, the land was upgraded by some 3,000 sqm, which took the investment up to EUR 17 million, according to media reports. Nisco will have to pay the municipality a EUR 4.1 million fee over the next 24 years, according to the concession contracts. It received the 7,000-sqm land plot for a 49-year concession period. Akademia will feature a car park of up to five floors and a building with complementary functions of up to eight floors, according to the approved detailed urban planning document. The heliport should be located on the top level of building, destined for other services. Contacted by Business Review, Nisco representatives would not offer further details about the project.
Nistor, also shareholder in Banca Transilvania, has already developed several real estate projects. Besides Akademia, Nisco is currently working on Nisco City Center, an office and retail complex in Satu Mare. Nisco Invest is planning to build a residential complex on 2.5 hectares of land close to Targu Mures, according to official data.

Corina Saceanu