Work starts on Nowe Powiśle

Menolly Poland, the Polish subsidiary of the eponymous Irish developer, has broken ground on its Nowe Powiśle development, which is located near the Vistula River in an area of Warsaw which is also home to the University of Warsaw Library and the under-construction Copernicus Science Centre.

The investment comprises two stages. The first will see the construction of a residential complex featuring 298 units, with retail and service outlets on the ground floor of the building. Granite, marble and sandstone will be used for the building's facade, while exotic wood and glass will be employed in doors and other finishing work. A two-storey, underground parking lot will accommodate around 400 cars.

According to Menolly Poland, the price per sqm in the future dwellings will range from zł.12,000 to zł.24,000 in the case of standard apartments, and from zł.26,000 to zł.40,000 in the case of luxury apartments and penthouses. The first stage of the development was designed by APA Kuryłowicz & Associates.

The second stage will see the renovation of an old cogeneration power station called Elektrociepłownia Powiśle, which was founded in 1904 and was the first power plant in Warsaw. Its interior will feature a range of luxury-brand boutiques, an art gallery and a few restaurants. Two other buildings will be erected during this phase - a 100-bed hotel with a conference center and an office building.

"It is a unique investment, and it also poses a big challenge," said Piotr Olbryś, the executive director at Menolly Poland. Nowe Powiśle is the firm's first project in Poland. Completion of the first stage of development is scheduled for late 2009, with the whole project expected to be ready by the end of 2011. The general contractor for the project is Warbud.