Romanian real estate developer One United Properties announced that it acquired a 5,755 sqm plot on the Barbu Văcărescu Street in Bucharest for EUR 10 million. The company plans to build a residential-led mixed-use tower with an estimated gross development value of EUR 130 million.
According to the preliminary concept, the building will have four underground levels, a ground floor, and 25 upper floors. Its above-ground gross built area is expected to reach approximately 25,900 sqm.
The lower levels will include retail and office space, while the project will also provide around 2,000 sqm of green space. At more than 100 metres, it would become one of Romania’s tallest residential buildings.
One United Properties plans to hold an international architecture competition to select the tower’s design.
“We chose this site for its location and for the way it complements our investments in Floreasca-Barbu Văcărescu,” said Andrei Diaconescu, co-founder and co-CEO of One United Properties. “We will be looking for a design that makes the most of the site’s position and views, paying as much attention to the tower’s silhouette as to the way the building opens up to the street.”
The company has completed developments worth approximately EUR 536 million in the Floreasca-Barbu Văcărescu area. Projects currently under construction there, including One Floreasca Sunset, One Peninsula, and One Floreasca Club, have a combined estimated value of EUR 360 million.
The newly acquired property is located near One Gallery, the former Ford Hall restored by the developer, and has access to Bucharest’s northern business district, the A3 motorway, and the tram line connecting the area to Băneasa Airport and Bucur Obor.
One United Properties, listed on the Bucharest Stock Exchange under the ticker ONE, develops residential, office and mixed-use projects, with a focus on urban regeneration in Bucharest.