Wola gets a facelift
The skyline of Wola, a central district of Warsaw, will see a significant change over the next few years. With its proximity to the central business district (CBD) and plenty of land still available for development, Wola offers huge potential for investment. That potential will be tapped in the next few months as a number of leading real estate investors have announced plans to realize imposing residential and office projects in the district.
"The Wola district is the only place outside the city center where very tall high-rise buildings can be constructed," said Paweł Grząbka, managing director of real estate consultancy CEE Property Group. "The location is destined to be one of the capital's largest construction sites," he added.
Industrial past
Wola used to be one of Warsaw's main industrial districts and much of the working class resided there. It was in this district that some of the largest and most prominent industrial buildings of the past century were located, including the Róża Luxemburg electric lamp factory, the Marcin Kasprzak radio production factory, the Bumar-Waryński plant and the Browary Warszawskie brewery.
Few of these landmark structures survived the arrival of capitalism and the free-market economy, leaving abandoned buildings and squalid tenement houses which used to house workers. These post-industrial properties, however, also bequeathed Wola a large stock of land for development within convenient proximity to Warsaw's downtown area.
The face of Wola has been undergoing a slow but systematic metamorphosis since the end of the communist era. During this time, both Warsaw City Hall and private investors have undertaken a number of projects that have helped revitalize the district.
One of the first attempts to draw public attention and highlight the rich history of the area was the opening of the famous Warsaw Rising Museum. The delivery of the Expo XXI conference and exhibition center on ul. Prądzyńskiego is considered another breakthrough event for the district, one which led others to consider its investment potential.
The first major revitalization of previously neglected areas in the district came with the development of several modern large-space office buildings along ul. Kasprzaka. Belgium-based developer Ghelamco, best known for Prosta Office Center and Crown Tower offices, has been particularly active in creating Wola's modern look.
Demolition everywhere
Given the number large new investments revealed by developers in recent months, the district is expected to enter a rapid period change. Most affected will be the vicinity of Wola's ul. Towarowa and ul. Grzybowska, where huge swaths of industrial build-up are to be replaced with modern residential and office space.
A large residential complex is already being constructed by Atlas Estates on ul. Giełdowa, where approximately 850 apartments will replace old warehouse space. Modern office and residential developments are also bound to replace buildings owned by the transport and forwarding services provider Pekaes on ul. Grzybowska and ul. Siedmiogrodzka, respectively.
One of the largest schemes will be the ArTown residential development which Spanish developer Pro Urba is currently planning. Designed by the JEMS architectural studio and destined to rise on the site of the Bumar-Waryński factory, the project will deliver over 1,500 units which, due to their proximity to the city center and the planned second subway line, should constitute an attractive offer for the market. Pro Urba has already been granted a ruling on development conditions and is now expecting a building permit.
Rising up
The changing face of Wola owes much to the fact a number of investments are spectacular high-rise buildings that could potentially create an alternative to the CBD. Construction on the high-rise Platinum Towers and Prosta Tower residential schemes is now under way and virtually dozens of new such projects are currently on the drawing boards.
One of the most recently revealed designs is that of Pro Urba's Kaleidoscope complex - two mixed-use towers that the developer is planning to erect at the intersection of ul. Towarowa and ul. Prosta. Designed by the AMC-Andrzej M Chołdzyński architectural studio, the project will feature 53- and 23-storey towers connected by a single base. The project has already received preliminary approval of Warsaw authorities.
High-rise architecture is also bound to appear on a Ghelamco-owned plot located between ul. Prosta and ul. Wronia, where the developer has already demolished an industrial facility. Ghelamco's project will include a 180-m office development and a 160-m residential tower, as well as a number of smaller office buildings. According to the firm's plans, the office tower will be delivered by the end of 2011.
Bright prospects
Wola's transformation into a 21th-century urban district will be fuelled in part by its large stock of land and the planned second subway line, which are both drawing considerable attention from office and residential space developers to the areas around ul. Kasprzaka and ul. Prosta.
One of the biggest shapers of Wola's real estate market is Polish State Railways (PKP), which owns large plots of very attractively located, yet neglected land in the district.
"PKP has undertaken a number of investment initiatives concerning our properties in the Wola district. Some of the work is advanced, like our project to deliver a residential complex on a 24-ha plot along ul. Ordona, for example. ... We hope to start construction in 2010," Michał Wrzosek, PKP spokesperson.
PKP is also planning to designate around 15 ha of land along ul. Prymasa Tysiąclecia, mostly for development of commercial projects. The most interesting and challenging project involves enclosing the railway tracks located along Al. Jerozolimskie, from ul. Żelazna all the way to ul. Spiska.
"This project is one of our top priorities. We are going to submit a request to City Hall to rule on what type of development they would designate this land for. If they decided that it would be designated for green areas, our costly investment would not make sense," said Wrzosek.
According to Wrzosek, this project would provide a very conveniently located investment plots that would ultimately signify Wola's arrival as a modern urban district.
