BBJ: South Buda City Center development to start in Újbuda
Negotiations are underway for a comprehensive city development project in District 11, with planned state and private developments resulting in the creation of one of Europeʼs largest intermodal junctions and a new city center in Buda.
The area involved in the project totals 750,000 sqm. The developments will be realized through a cooperation between the state, the municipality, and private enterprises. The South Buda City Center project aims at creating a lively, modern environment, with more green areas, well-organized parks, and fast and convenient commuting opportunities among other aspects, says a press release sent to the Budapest Business Journal.
The state entities involved in infrastructural projects are the capital, the local municipality, the Priority Government Investments Center (KKBK), state railways MÁV, and the Center for Budapest Transport (BKK). The importance of Etele tér will be underpinned by the extension of tram line no. 1, the planned railway connection between Budapest-Kelenföld and Ferencváros, and the proposed Galvani Bridge.
Additionally, some 500 trees and 11,000 shrubs have been planted around Etele út, to increase the green area.
In the coming years, there are also plans for a new hospital with more than 1,000 beds, which will serve some 1.3 million people, according to the press release.
Etele Plaza and the Budapest One Business Park will play an important role among the private investments. Developed by Futureal, the Etele Plaza mall, with its 55,000 square meters of gross leasable area (GLA), will provide an extensive range of services with 180 business units. The development is billed as the first “smart plaza” in Budapest.
The Budapest One Business Park, with more than 65,000 sqm total area, will provide modern office space for some 7,000 employees. The first phase of Budapest One will be delivered in the second half of 2019, providing 25,000 sqm of leasable office space, 2,600 sqm space for retail and service units, and a 480-space parking garage.
“The surface developments already realized and in progress around Etele tér create one of Europeʼs biggest multimodal junctions on the border of Kelenföld and Őrmező,” says Újbuda Mayor Tamás Hofmann. “Through the outstanding cooperation, the state and private developments built on the expanded infrastructure open a new era in the development of this part of town.”
“Etele Plaza and Budapest One display the most modern technologies and forward-thinking solutions,” says Tibor Tatár, CEO of Futureal. “The two projects will be the decisive catalysts of future growth in the South Buda region, setting an example for later city rejuvenation efforts.”