WARSAW, Poland, Dec. 18, 2014 /PRNewswire/ -- The task to complete construction on Zlota 44 is in capable and familiar hands. On December 11, 2014, US-based investment manager Amstar and Warsaw-based BBI Development reached an agreement with the project's previous general contractor, INSO, to complete construction on Zlota 44.
"The agreement with INSO is an important milestone in our plan to bring Zlota 44 back to life," said Michał Skotnicki CEO of BBI Development SA. "I am pleased that INSO will remain as the general contractor, as they are very familiar with the project and will ensure a smooth construction process and on-time completion."
Per the details of the agreement, construction will resume in late-February 2015 and completion is scheduled for mid-2016. Amstar and BBI announced that the move-in date for first residents will be in the fourth quarter of 2016.
Amstar Vice President Jeff Stonger added, "Re-engaging INSO was a clear choice. It has always been evident to us that the previous challenges associated with the project were in no way due to the existing work, which is of the highest quality. INSO brings significant experience and skill to the team and we look forward to delivering Zlota 44 to the market and providing residents with an unmatched living experience."
INSO has a wide range of construction experience in Europe, the Middle East, North Africa and South America. INSO is part of Condotte Group, one of the largest construction groups in Italy, which has an established market position with revenue of €1.2 billion, of which €300 million relates to INSO.
"We are very pleased to have the opportunity to finish what we started and complete construction on Zlota 44," said INSO CEO Fabrizio Pucciarelli. "Zlota 44 is a very unique project and we take pride in constructing what will be a world-class residential building."
Zlota 44 is a symbol of modern Warsaw. Designed by world famous architect Daniel Libeskind, it is one of Europe's largest and most luxurious residential development projects. Thanks to its signature sail shape, the luxury apartment building, which towers over the very heart of the city, has become an icon of Poland's and Warsaw's continued development.
Zlota 44's iconic design, prime location and luxurious lifestyle will make it the best choice for even the most discriminating buyers. Buyers can take comfort in knowing the project is backed by an experienced local developer in BBI Development and a strong financial partner in Amstar. The completed project will include:
- More than 260 luxury apartments
- A wide array of five-star amenities (including a 25-metre pool, fitness club, spa with wet and dry sauna, private cinema room, wine cellars and sun deck)
- Top-tier concierge service
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.5 billion in assets under management (as of September 30, 2014). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar's clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.
About BBI Development
BBI Development is a publicly traded Poland-based real estate developer. The company is a leading developer in Warsaw and has a proven track record of developing significant residential, office, retail and mixed-use properties. Most recently, BBI developed a Foksal Residence (7K sqm), a premier residential building in the Old Town district of Warsaw and Plac Unii, a 21-story class A+ office and retail complex consisting of 57K sqm in central Warsaw. BBI has also has other projects in its pipeline, including Koneser (75K sqm), Centrum Marszalkowska/Sezam (15K sqm), Roma Tower (55K sqm).