Tishman Speyer Properties; Nowe Miasto for an old city

American property developer Tishman Speyer Properties (TSP), has signed a m uch long awaited agreement with Polish State Railways (PKP) on perpetual us ufruct and commercial development of Krakow railway station and its surroun ding area. According to director for Central Europe at TSP Torben Nielsen, the investment will exceed $300 million in its first stage, with a possible second stage accounting for another $400 million. The agreement enables the concern to use 12 hectares of land for 88 years and to lease, for at least 30 years, the commercial space under the station as well as car parking over the platforms. Tishman is planning to construct an exciting modern office a nd shopping center. The center will probably be called Nowe Miasto (New Cit y) and will mean that the city center of Krakow will effectively be rebuilt. "The agreement allows TSP to carry out its plans, but also secures the inte rests of the State Treasury, represented by PKP," declared Infrastructure Minister Marek Pol. Although the commencement of construction work does not have a start date, the investor promised that the complex would be completed within three years once construction begins. (Puls Biznesu, p. 4), M.T.