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The Warsaw Voice » Other » November 18, 2009
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Prestige Still in Demand
November 18, 2009   
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The Z這ta 44 apartment tower in Warsaw may still be completed in time for the Euro 2012 soccer championships, according to Alicja Ko軼iesza, sales and marketing director for developer Orco Poland. "We can make it if in March at the latest the Supreme Administrative Court allows construction on Z這ta Street to continue," she says.

Z這ta 44 is a flagship project by the Orco Property Group. The apartment tower, designed by Daniel Libeskind, the world-famous architect of Polish descent, is located at 44 Z這ta St., near the Palace of Culture and Science, right between the Z這te Tarasy shopping mall and the InterContinental Hotel. The luxurious 192-meter-tall tower will have 54 floors with 251 premium apartments from 62 to 371 square meters in size. The three uppermost floors will be occupied by the most prestigious, three-level penthouse. On the whole of the eighth floor, residents will have a relaxation and recreation center comprising a 25-meter swimming pool, a fitness club, gym, massage room, playroom for children and a wood-paneled terrace.

Construction came to a halt in the spring. "Z這ta 44 construction was suspended as a result of the financial market crisis," said Ko軼iesza. "The crisis affected not only our company, but also our customers who were unable to meet payment deadlines for apartments they had bought in the tower. That was the beginning of problems with financing the project. We are now in talks with a bank and the president of Orco Property Poland has said he is confident that by the end of the year we can complete financing arrangements for the apartment tower on Z這ta Street."

Funding is not the only problem, however. In July this year, the Province Administrative Court annulled the Mazovia Province Governor's approval of the construction design, which meant the building permission for Z這ta 44 was challanged. Orco refutes the charges and on Sept. 23 the developer appealed to the Supreme Administrative Court and is waiting for a ruling. A ruling in Orco's favor is needed for workers to return to the construction site.

By spring this year, Orco had sold almost 100 apartments on Z這ta Street. Ko軼iesza says all the contracts remain valid and the investor is still being approached with inquiries concerning Z這ta 44 apartments. Customers are also signing letters of intent for the most attractive addresses in the building, including apartments on top floors and retail space on the ground floor.

"Premium apartments are still much sought after in Warsaw," said Ko軼iesza. "Real estate is a way to invest capital. Customers I talk to complain of a very limited choice of truly luxurious apartments."

That probably explains the high interest in a tenement house that Orco redeveloped at 59 Mokotowska St. Now completed, the project only has three apartments left for sale, including one penthouse. The building houses 14 apartments sized from 58 to 240 sq m with an average height of over three meters. The finishing package comprises floors, walls, closets in corridors, complete bathroom fixtures and furnishings, lighting, kitchen cupboards and household appliances. The design also features green areas in the courtyard and on the garage roof.

"The temporary crisis that affected the apartment tower on Z這ta Street has had no impact on our other projects," said Ko軼iesza. "We have recently obtained occupancy permission for the Feliz Residence estate in the Ochota district of Warsaw and we are also delivering apartments to residents of an estate near Park Le郾y Br鏚no. Orco Property Group is running a restructuring program, while pressing ahead with its day-to-day operations."
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