Orco heads for the coast

Orco Property Group has just acquired a 7.3-ha plot on ul. Szosa Polska in Szczecin and is planning to develop a residential complex there - its first such project outside Warsaw. The developer has announced a competition for the project's design, which will be completed in four stages. Work on the first stage will start in the spring of 2008 and will be completed in 2009.

"This is our first investment in Szczecin. We see great potential in that region of Poland and we are going to look for other investment opportunities here. I think the scale of the project proves our faith in the local market," says Douglas John Noble, director of Orco Poland. "We are happy that we managed to finalize the acquisition and are now able to start the work. We will do our best to make this residential complex Szczecin's pride," he adds.

The developer is planning to build several two- and three-storey buildings, hosting 770 mid-priced apartments. The complex will be located some five kilometers from the city center, near the Oder River delta. Some two hectares within the complex will be designated for commercial developments.

Orco has been present in Poland since 2001. So far the company has completed several residential, office and hotel complexes in Warsaw, including the Le Regina Hotel, Diana Residence and Flamenco, a residential complex. Currently the company is working on the Szafirowa Aleja complex, Casa Verde and Mokotowska 59, as well as its biggest investment, Złota 44.