WWG's palatial developments
The renovation of the 17th-century Młodziejowski Palace is perhaps the most attractive of Warsaw West Gate's (WWG's) new projects. The palace was recently acquired from Wydawnictwo Naukowe PWN for EUR 8.7 (zł.33.6) million and is located on ul. Miodowa 10, just 250 meters from Plac Zamkowy.
The new residence will hold 36 luxurious apartments with an average area of 125 sqm. Construction work will begin in Q3 2008, after PWN, the current tenant, moves to its new offices. WWG plans to invest some EUR 6 (zł.23) million in the project. Since the developer has some time before renovations start, they are open to prospective residents' suggestions, who will be able to move in by Q3 2010.
Exclusive interiors
WWG's president, Radosław Sieroń, says the aim of the investment is to create a living space for people who appreciate exclusive interiors and an atmosphere of history. "Along with the apartments we will be selling a lifestyle," says Łukasz Dołęga, deputy president of WWG. The price per sqm, calculated by WWG a few months ago, will range between zł.13,000 and zł.16,000.
Apart from the apartments, the 6,600-sqm palace complex will also hold between six and eight commercial spaces and will be surrounded by greenery. Currently the palace has only 22 parking spaces, but the developer plans to construct a two-storey underground garage.
The developer has not yet received an official decision from the conservator of historical buildings that will allow the company to transform the palace into a residential complex, but consultations have so far been positive. In the event of a negative decision, WWG has plans for offices or a hotel. Spanish ESPA Hotels are already interested in the project.
WWG's renovation plans also include a tenement at ul. Jasna 26, built after WWII on the ruins of the Victoria Hotel. Now the company wants to add another floor to the existing building, recently acquired from Dom Książki, and construct a new six-storey building on the plot behind the old tenement.
The whole complex, whose total usable space will amount to 7,700 sqm, will hold 44 apartments and 74 underground parking spaces. The first and the second floors of the old tenement will be designated for commercial services. The developer wants to launch construction work in Q2 2007 and complete the apartments in Q3 2008. The price per sqm will range between zł.10,000 and zł.13,000.
On the waterfront
Work on River House, WWG's third residential complex to be built at ul. Bluszczańska 70, in Mokotów close to the bank of the Vistula, will start in spring 2007. Thanks to new developments and the existence of spatial development plans, the area will become part of the attractive Powiśle district. The complex consists of three buildings designed by Art System, containing 75 apartments. The price per sqm is estimated at between zł.6,500 and zł.9,000. The development is scheduled for completion in Q2 2008.
According to Dołęga, WWG, whose main customer is currently British Mermaid Funds, is also looking for locations for office and residential developments in other cities, including Wrocław and Łódź.
