Another stage of preparations for the development of commercial space at the Praga Koneser Center in Warsaw is now complete. Investors of the new project, which is being implemented on the site of the former Warsaw Vodka Distillery – BBI Development SA and Liebrecht & wooD Group – have agreed on the final terms of cooperation regarding the Joint Venture for execution of the project.
The preliminary investment contract for joint development of commercial, business and cultural space of the Praga Koneser Center was entered into by BBI Development and Liebrecht & wooD in August 2013. According to the final arrangements, Liebrecht & wooD will contribute approx. PLN 70 million to the project, while BBI Development will contribute the land and approx. PLN 22 million of cash. The total investment value of the project will be approx. EUR 120 million.
So far, investors have obtained 7 out of 10 final permits required to start the construction of Koneser’s commercial premises. The selection of the general contractor for the underground part of the project is scheduled for June 2015, construction work will begin in summer 2015 . At the same time, Koneser started to lease the available spaces to tenants. The delivery of the entire project is expected in 2017.
’This Project is extra-ordinary, as well in scale as in combination of functions and, most of all, as being an opportunity for giving new vitality to this part of the city for the benefit of residents of the Praga district and the entire Warsaw, as well as the tourists. I am sure we can combine the unique character of this location with modernity. Considering the previous results of cooperation between Liebrecht & wooD and BBI Development, we are now even more looking forward to putting the first shovel in the ground,’ said Marc Lebbe, Managing Director of Liebrecht & wooD Group.
“We are thrilled to work together with Liebrecht & wooD on another landmark project in Warsaw after the success of Plac Unii. Our partners will bring international experience and a handful of inspirations on how to convert a post-industrial space into the lifestyle center – a place where Varsovians can work, live and spend their free time”, said Rafał Szczepański vice President of BBI Development SA.
Spiritus movens of the right bank of the Vistula
The Praga Koneser Center is the first development project in Warsaw which combines so many functions. In addition to more than 300 housing units delivered exclusively by BBI Development, the project includes: 25,500 sq m of A and B+ office premises and 21,000 sq m of retail area, , including a conference centre, a hotel, and the world’s first Museum of Polish Vodka. The architectural design, prepared by the Juvenes design studio, involves thorough revitalization of former factory buildings, and creation of new facilities to replace the old structures, which are not listed in the Register of Historical Monuments.
In addition to modern offices, the Koneser’s leasable area will include boutiques and brand-name shops, cosy cafés, restaurants, and service points. The project type will also contribute to the development of the current role of Koneser as an inspiring background for unconventional cultural events.
Located in the very heart of the Praga district, in a block formed by Ząbkowska, Markowska, Białostocka, and Nieporęcka streets, in close proximity to the 2nd metro line, several tram and bus lines, and Warszawa Wileńska station, the project will provide users with easy access to other districts of the capital.