Orchid's apartments

Gdańsk Station Shopping Mall, the company behind Arkadia, has sold its 30,652 sqm plot neighboring the mall to Orchid Developments, a company in the Translloyd Group. The developer will build a residential complex on the plot. The value of the transaction has not been revealed.

According to the spatial development plan, the plot is regarded as a residential area. Since ERE, the parent company of the Arkadia investor, does not deal in residential building, the company sold the plot to Orchid Developments, which operates mostly in Britain and Ireland. Orchid is planning to construct a medium-quality residential complex.

"It's too early to discuss any further details at this time, as design development has just commenced," says Stuart McMillen, president of the management board at Orchid Developments. Sources say the developer intends to erect ten buildings with some 400 apartments.

The development will be yet another investment near the Arkadia Shopping Center. To date, there is Citybud's 16-storey M2 apartment block, and Dom Development's 22-storey Gdański complex.

Currently Translloyd is concentrating its activities in Poland on seeking out well-located sites for residential development. The company's current and recent projects in the UK and Ireland have a gross end value well in excess of L300 (zł.1,700) million.

Andrzej Wróbel