Changing skyline of Warsaw
The centre of Warsaw is still the number one choice of investors in the real estate field as though they were not aware of the economic slowdown as the skyline changes and the centre is a construction site.
The largest planned investment in the centre of the capital is Centrum Złote Tarasy, a hotel, shopping and office complex which will cost around EUR280m situated next to the main railway station. It is being developed by ING Real Estate and the local authority with work beginning this year and finishing in 2004.
Another major project is the covering of the east — west route Trasa Łazienkowska to make land available for development.
Other major projects include a 1,000sqm site will be used by Litewska Development to develop a seven floor office block on al Szucha, an eight floor apartment building on ul. Stawki is being built by Marvipol and at the corner of Marszałkowska and Hoża the thirteen floor Office Center will be built. Another major project is the 13,000sqm office block designed by Norman Foster.
Hotel investments seem to know no bounds with Trasko-Inwest building a 150 room two star hotel at a cost of PLN15m., the 44 floor Intercontinental is now under construction by Bass H&R, EBRD and Warimpex whilst Due Erre are also renovating a neo gothic building to become a hotel amongst many other projects.