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JW Construction does not give up on the land by Kasprzaka Street

Even this week, JW Construction and Black Lion NFI may prolong the term of preliminary agreement of purchase of land at Kasprzaka Street in Warsaw. The developer would like the new amendment to be valid until the end of July. If the new local spatial development plan is agreed upon till then, JW Construction may start the investment on the plot this year, said Józef Wojciechowski, CEO of the company.

“Together with the seller (VIS Investments, controlled by NFI) we agree to prolong the term for fulfilment of the condition precedent that puts the purchase of land by Kasprzaka Street on hold. It is possible that we will mange to sign the relevant amendment even this week. We would like this term to be prolonged to the end of July,” said Wojciechowski interviewed by PAP.

At the end of March, the developer informed that the agreement of purchase of plot with and area of 81.200 sqm and buildings situated at 29/31 Kasprzaka Street has expired. The value of the agreement is almost PLN 174 million.

Previously, the company prolonged the term of fulfilment of the condition precedent to transaction, that is entering of proper local spatial development plan, which would cover the property, into force. On the above-mentioned site, JW Construction intends to construct a complex with 3,000 residential apartments and 72,000 sqm of commercial space.

“If the spatial development plan is agreed upon till the end of July, we could start the construction this year. The project will certainly be divided into phases, yet so far we have not decided how many phases will be there,” Wojciechowski added.

The CEO of JW Construction did not deny that the company is still looking for a partner to realise the investment. “Potential partners come to us, yet so far we did not decide whether we let anyone else join the project,” he stressed.

Source: PAP

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