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Mennica Polska to invest a several hundred million in a “city within a city” in Warsaw

A few thousand apartments, office premises and stores will be created on 28 ha of land in Warsaw’s Żerań District, which was purchased by Mennica Polska (Polish Mint) from Fabryka Samochodów Osobowych. If the investor gets all permits, the construction will start within a year. The entire investment is going to last seven years.

In May last year, Mennica Polska, controlled by Zbigniew Jakubas, purchased three plots by the Vistula River from FSO. A sum of PLN 120 million was invested in the purchase of 28 ha.

“In my opinion this is a very good location. We bought the entire 2-3-km long belt of land at the bank of the river from FSO. It is a plot adjacent to the embankment. Now we are going to construct a few thousand apartments and offices as well as some shopping networks for smaller or larger retail schemes,” enumerates Zbigniew Jakubas, the major shareholder at Mennica Polska.

Currently, the group is trying to get all the permits to start the construction. The process is complicated enough to require a change in the spatial development plan. At present, this land is designated for industrial activities and not for residential zoning.

“I would like the investment to start as soon as possible. The question is how long will it take under the regulations in Poland to get all permits, planning permissions and masterplans so that we can start the construction. If the formal and legal procedure lasts no longer than necessary, we would like to enter the construction site this year,” Zbigniew Jakubas ensures.

According to preliminary estimations, the investment will take seven years to be completed. This is a long time, says Jakubas, but basically it is a little town that is being constructed there. The construction will costs several million zlotys.

“We are going to invest several million zlotys there, periodically of course, because some of money invested will return after 1.5-2 years, and some of it in a longer perspective. The investment cost is at the level of PLN 350 million, which must be invested before it starts repaying itself," the shareholder at Mennica Polska says.

Source: Newseria

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