A subsidiary of investor and developer Capital Park has secured €159.3 million in bank financing from Bank Pekao, which it will use to finance the construction of its planned ArtN mixed-use project in Warsaw. The company plans to launch construction work on the scheme later this month and finish it in the final quarter of 2020 with a general contractor expected to be selected by the end of this year.
The ArtN investment, which will involve the revitalization of a major post-industrial site located in the Wola district of the Polish capital that previously housed the Norblin metalwork factory, will comprise a total of more than 64,000 sqm of usable space, including 40,000 sqm of office space and 24,000 sqm of entertainment, service, retail and cultural area. Capital Park acquired the site in 2008 – it took the company nine years to prepare the complex development and to clear the numerous administrative hurdles that appeared over the time.
Kinga Nowakowska, a management board member at Capital Park, said that ArtN will exemplify new quality in the market, combining history with the latest solutions and an exceptionally large number of functions. Apart from offices, the complex will accommodate, among other things, a fitness club, a theater, a cinema, a gaming center, a kids’ area, an organic food market, 37 restaurants, high-street boutiques, a supermarket and a museum of the former factory.
ArtN was designed by the PRC Architekci architectural studio and architect Piotr Blaim from Capital Park. The project will be BREEAM-certified at the “Very Good” level.