Forty Management has announced that it has started work on the development of Central District Lagoon City Bucharest, a self-sustainable, mixed-use urban redevelopment project, unique in Central and Eastern Europe. The value of the investment in Romania exceeds €120 million, while the projects scaled up in Budapest, Prague and Warsaw will have investment values between €140 and €190 million each, depending on the mix and the needs identified on these markets.
What makes the Bucharest project unique is that fact that it will implement for the first time in Central Eastern Europe the patented Crystal Lagoons® technology, which allows the construction and maintenance of cost and energy efficient artificial turquoise water lagoons of unlimited size. It will cover an area of over 10,000 sqm, have a maximum depth of 2 meters, two large beaches of more than 3,200 sqm and numerous other facilities. The lagoon, which is expected to be completed by the end of this year, will be used for swimming and water sports in summer and partly as an ice rink in winter.
Lagoon City brings around this artificial lagoon a 5* hotel with 323 rooms affiliated to an international brand, 401 apartments for rent, 9,200 sqm of commercial and service spaces, a class A, 8,500 sqm office building, as well as countless other facilities, practically a mini city with all the necessary destinations for urban living. Located at No.18, Coralilor Street, Central District Lagoon City is the first mixed urban redevelopment project that will produce all its utilities in-house, thus capitalizing on Forty Management's know-how and experience in sustainability.
The amenities of Central District Lagoon City will include a heliport, concierge services for all apartments, 3 restaurants, 2 beach bars, a 430 sqm bistro that will also serve the beach area, a sky bar, cafes, a private cinema, kindergarten, 2 SPA centres, a beauty clinic and electric car co-sharing services.
To develop the Lagoon City concept, Forty Management has acquired the Crystal Lagoons® franchise, the most innovative American technology company for the development and implementation of sustainable lagoons and artificial beaches, with more than 1 100 projects completed or in various stages of execution in over 60 countries. Forty Management has obtained the rights to implement the Crystal Lagoons® in Hungary, Poland, Czech Republic and Romania.
"We are delighted to partner with Forty Management to bring the revolutionary Crystal Lagoons® concept and technology to Bucharest, Budapest, Prague and Warsaw. As a market leader in innovation and technology, we strive to bring idyllic beach life closer to people’s homes and transform city life all over the world. Our real estate and Public Access Lagoons™ projects provide attractive meeting places adapted to each market’s demands. We are proud that our patented technology, unique in the world, can contribute to improving the quality of life of people in Central and Eastern Europe and bring sustainability to the entire region," said Francisco Matte, Crystal Lagoons® Regional Director.
"With this extraordinary project we aim to redefine the notions of lifestyle and entertainment, bringing all these high-end amenities right into the city centre and transforming Bucharest into a holiday destination with turquoise waters and idyllic beaches. Moreover, Lagoon City implements the highest standard of sustainable development, as it is the first mixed green real estate project in Central Europe, self-sustainable, where all utilities are produced in-house," said Lucian Azoiței, Forty Management’s CEO.