Óbuda is poised for progress in several areas: real estate developer Biggeorge Property announced details of the second phase of Waterfront City on its community page, with the value of the planned developments already exceeding HUF 4 billion (EUR 10 million).
The project is a continuation of the first phase, when a residential park was built on a 50,000-square-meter plot of land in a rust belt area. The second phase will start in the area between Szentendrei road, Bogdáni road, the historic Harisnyagyár building, and the BMW showroom.
The developer emphasized that during the preparation of the investment, they held discussions with the local governments concerned on about ten occasions and made an unprecedented commitment. The commitments include limiting the height of buildings and continuing the construction of the Buda Promenade, at a cost of about HUF 300 million (EUR 0.75 million).
However, the most significant element is the creation of a pedestrian bridge between Waterfront City and Óbuda Island, which could be realized with an investment of HUF 1 billion (EUR 2.5 million), provided that the necessary regulations and permits are in place.
The development of transport infrastructure also plays a key role in the project: plans include the modernization of the Szentendrei road junction, the construction of pedestrian crossings, the renovation of surrounding streets, the creation of new bicycle paths, and the improvement of transfer connections at the HÉV stop, at a cost of approximately HUF 1 billion (EUR 2.5 million). In addition, they would also help to improve access to the district by fixed-track transport, for example by contributing to the preparation and planning of the Pacsirtamező road tram line, up to a maximum of HUF 350 million (EUR 0.875 million).
The developer’s other obligations include transferring HUF 1.2 billion (EUR 3 million) to the Óbuda local government for human infrastructure development, the renovation of prefabricated buildings, and the construction of rental apartments. In addition, it has been agreed that the municipal government of the capital city may rent 10% of the apartments at a discounted rent for ten years, with an estimated value of at least HUF 500 million (EUR 1.25 million). The 10,000-square-meter internal park will be opened for public use, and a 200-space underground car park will also be built, where district residents will be able to rent parking spaces at a discounted rate. The investor has also undertaken to create green spaces in public areas and to maintain the trees for five years.
It is important to note that, contrary to previous reports, the historic Harisnyagyár building will not be demolished but will be preserved during the development.
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Via magyarepitok.hu; Featured photo: Facebook/Biggeorge Property
The post Pedestrian Bridge and Major Investments Planned in Óbuda’s Waterfront City Phase II appeared first on Hungary Today.
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