LC Corp reaches for the Sky

The $400 (zł.1,248) million development was unveiled by LC Corp SA, which is owned by business tycoon Leszek Czarnecki.

The investors explained that Wrocław is one of the fastest-developing cities in Poland, with over 65 percent of its population actively working, so there is rising demand for residential developments.

The new 51-floor building will have about 300,000 sqm in total. Besides the apartments, it will also have shops, restaurants and office space. To make this all happen, the investor has decided to demolish a 70-meter-high building that stands on a plot that has already been purchased by the Wrocław investor.

"We plan that the administrative permission for construction will be given to us by spring 2007 and from this point reservation agreements will be offered," explained Konrad Dubelski, LC Corp SA board's director. "Completing the project will take four years and it is predicted to be ready by the second quarter of 2010."

The Sky Tower development will be funded from the company's own funds as well as credit, from an as-yet-unnamed bank consortium.

Representatives of the Wrocław-based company said that part of development will be aimed at foreign investors. Initially, only about 50 percent of Sky Tower's apartments will be offered for sale as the market's demand and the apartments' prices have to be confirmed. Dubelski also confirmed that the company plans to enter the Warsaw market. "We are going to invest in Warsaw. However, the future development will enter a market sector that has not been covered by LC Corp yet," he said. "That development will be financed by funds obtained from selling the company's shares during a public offer."