Dueling pool projects on-line for Baltic cities
Gdansk is currently testing the waters for investor interest in a 6.9 hectare, city-owned plot, north of downtown. A tender to develop a water recreation park could be announced by late April or the first half of May. Gdynia is currently accepting bids for a smaller 1.2 hectare site bordering the seaside. But here too, officials are looking to develop the aqua park theme.
But what may appear as dueling pool projects actually present developers with distinct opportunities. Both sites are excellent, said Andrzej Radecki, general director of JWK, a Gdynia-based developer.
For a strictly recreation-type investment, Gdynia is probably better, Radecki said. But the Gdansk site offers greater potential.
Gdynia is asking zl. 4.4 million ($1.1 million) for a 50-year lease of its 1.2 hectare site at ul. Ejsmonda 1 called "Polanka Redlowska." The city wants development along recreational lines, including hotel and sports facilities, with emphasis on building a swimming pool or "aqua park" complex for the site. Bids are being accepted until May 21, with a decision scheduled for May 24, according to official documents. City officials were not available for comment at press time.
The site is "superb," said Radecki of JWK, which is considering bidding for the plot. The Gdynia lot sits on a cliff overlooking the sea, in a neighborhood that has traditionally been Gdynia's recreation center, Radecki said. Tennis courts and a soccer stadium are nearby, and Gdynia's seaside promenade is only 50 meters away, he said.
"These aqua parks by themselves are not such lucrative investments from a developer's point of view, but if it were possible to put apartments in alongside them, they would be perfect," Radecki said. But in Gdynia, it's not possible. From this broader perspective of developing concession services such as hotels and restaurants, the Gdansk tender likely would hold greater potential for development.
Gdansk's almost seven hectare site is located within the city's "Seaside Belt Area," a 150-hectare expanse near the Gdansk-Sopot border. The city estimates the project's value at about zl. 10 million ($2.56 million) and has been targeting development for recreation and tourism, including sports complexes, hotels, nightclubs and restaurants, said Roman Sebastyanski, Gdansk's municipal real estate marketing manager.
"It is the heart of the recreation belt," Sebastyanski said. "There could be a surf club, swimming pools, even an aquarium. It will be the recreation center for Gdansk, Gdynia, Sopot, everything from Wejherowo down to Tczew, the whole voivodship even."
The land is available either for "free hold," or perpetual usufruct, Sebastyanski said. In the first case the full sale price would be paid up front, while in the latter case only 25% would be paid up front, with the rest coming in annual installments during the course of a 99-year lease, Sebastyanski said.
"The city is presently checking the market through talks with potential investors to survey development opportunities for the site, Sebastyanski said. For example, an Australian investor proposed to build an aquarium on the site, he said. "And it sounded so wonderful and required so little space, only 5,000 square meters, that we said maybe we could incorporate this idea into the overall plan for a water park." In addition to the Australians, city hall is talking with one Finnish, and two German, investors, Sebastyanski said.
The aqua park site is the first municipality-owned parcel of the Seaside Belt Area to be developed, Sebastyanski said. Half of the land within the belt is city owned. A few privately owned parcels have been developed near a 130-meter pier.
Gdansk has been kicking around the idea of an aqua park since 1993, Sebastyanski said. "There was analysis required, and a lot of conflicts," Sebastyanski said. "Some people didn't want this land to be even touched by civilization." There were also garden plots to deal with, "some legal and some not," Sebastyanski said. The city was in talks with two German investors from 1996-1998 to build the aqua park, Sebastyanski said, but the talks came to nothing because investors wanted to form a joint venture while the city didn't.
But what may appear as dueling pool projects actually present developers with distinct opportunities. Both sites are excellent, said Andrzej Radecki, general director of JWK, a Gdynia-based developer.
For a strictly recreation-type investment, Gdynia is probably better, Radecki said. But the Gdansk site offers greater potential.
Gdynia is asking zl. 4.4 million ($1.1 million) for a 50-year lease of its 1.2 hectare site at ul. Ejsmonda 1 called "Polanka Redlowska." The city wants development along recreational lines, including hotel and sports facilities, with emphasis on building a swimming pool or "aqua park" complex for the site. Bids are being accepted until May 21, with a decision scheduled for May 24, according to official documents. City officials were not available for comment at press time.
The site is "superb," said Radecki of JWK, which is considering bidding for the plot. The Gdynia lot sits on a cliff overlooking the sea, in a neighborhood that has traditionally been Gdynia's recreation center, Radecki said. Tennis courts and a soccer stadium are nearby, and Gdynia's seaside promenade is only 50 meters away, he said.
"These aqua parks by themselves are not such lucrative investments from a developer's point of view, but if it were possible to put apartments in alongside them, they would be perfect," Radecki said. But in Gdynia, it's not possible. From this broader perspective of developing concession services such as hotels and restaurants, the Gdansk tender likely would hold greater potential for development.
Gdansk's almost seven hectare site is located within the city's "Seaside Belt Area," a 150-hectare expanse near the Gdansk-Sopot border. The city estimates the project's value at about zl. 10 million ($2.56 million) and has been targeting development for recreation and tourism, including sports complexes, hotels, nightclubs and restaurants, said Roman Sebastyanski, Gdansk's municipal real estate marketing manager.
"It is the heart of the recreation belt," Sebastyanski said. "There could be a surf club, swimming pools, even an aquarium. It will be the recreation center for Gdansk, Gdynia, Sopot, everything from Wejherowo down to Tczew, the whole voivodship even."
The land is available either for "free hold," or perpetual usufruct, Sebastyanski said. In the first case the full sale price would be paid up front, while in the latter case only 25% would be paid up front, with the rest coming in annual installments during the course of a 99-year lease, Sebastyanski said.
"The city is presently checking the market through talks with potential investors to survey development opportunities for the site, Sebastyanski said. For example, an Australian investor proposed to build an aquarium on the site, he said. "And it sounded so wonderful and required so little space, only 5,000 square meters, that we said maybe we could incorporate this idea into the overall plan for a water park." In addition to the Australians, city hall is talking with one Finnish, and two German, investors, Sebastyanski said.
The aqua park site is the first municipality-owned parcel of the Seaside Belt Area to be developed, Sebastyanski said. Half of the land within the belt is city owned. A few privately owned parcels have been developed near a 130-meter pier.
Gdansk has been kicking around the idea of an aqua park since 1993, Sebastyanski said. "There was analysis required, and a lot of conflicts," Sebastyanski said. "Some people didn't want this land to be even touched by civilization." There were also garden plots to deal with, "some legal and some not," Sebastyanski said. The city was in talks with two German investors from 1996-1998 to build the aqua park, Sebastyanski said, but the talks came to nothing because investors wanted to form a joint venture while the city didn't.
