InteRo Property Development, owned by the Canadian Topolinski investors family, kicks off construction works at its EUR 1 billion, mixed-use project SkyLight Residence in Obor area, resulting upon completion into a 486,000 sqm total built area and almost 28,000 sqm of new green areas and parks in the neighborhood.
Phase 1 will deliver 551 apartments within 7 buildings. As construction works will accelerate by the end of this year, the developer plans to have the first residents occupy in 2027.
Michael Topolinski, founder of InteRo Property Development, said: “After paying the final installment of EUR 12.5 million on July 31, 2024, the Topolinski Family has taken full ownership of the 10-hectares plot of land in Obor area, which is now valued at EUR 120 million. We are excited to launch our most iconic and ambitious project, a reflection of our family’s commitment to the sustainable development of Bucharest real estate. We designed SkyLight Residence as a green, energy-efficient project and, given its features and transformative potential, it was included in District 2 Mayor’ project to revitalize Gara Obor and the surrounding area. The Mayor’ visionary project financed by the World Bank is an example of intelligent development and our Family is happy to get on board and create additional value for the sustainable future of this neighborhood.”
Designed to comply with the BREEAM standard of excellence certifying green projects, SkyLight Residence will be developed by using energy-efficient and advanced technologies, combining innovative design with qualitative residential living. The project includes almost 28,000 sqm of green area – the equivalent of a medium-sized park, representing more than 35% of the land area of the project, compared to the mandatory 30%.
More specifically, residents will have access to private parks with a combined area of 9,000 sqm, and a 7,000-sqm public parc allowing for connection between the Bucur Obor Park and a new 3-hectare park planned when neighboring CFR land is revitalized. Another 12.000 sqm of green areas will be distributed throughout the project. InteRo Property Development has also committed to planting 1,000 large trees in the area.
By using design elements, SkyLight Residence will honor the cultural heritage of Obor area and the Aversa factory. As such, the residential and office buildings will be using the same iconic red brick along the façade, for the first three levels facing Piata Obor. Also, two large pieces of iconic manufacturing machinery from the 1800s that were preserved from the Aversa pump factory, will be on display in the park and promenade area.
Upon completion, SkyLight Residence will transform a 10-hectare deserted plot in the city center into a focal point for the people who live, work or shop in District 2. The development will have a total built area of over 486.000 sqm – 370.000 sqm of residential space (over 2,200 apartments) and 115.000 sqm of office space, including an IT campus accommodating an estimated 10,000 jobs. Addressing the medium and premium market, InteRo’s project will also include over 4,000 parking spaces and an 8,540 sqm commercial area.
As per its previous commitment to the Obor residents and the local administration, InteRo will also build one primary school with a capacity of 250 children, three kindergartens (with a total capacity of 150) and two nurseries (150).
InteRo Property Development estimates that SkyLight Residence will contribute at least RON 25 million-worth in annual taxes to the local budget. The developer also agreed to donate to the local administration EUR 10-million worth of new roads that will be built as part of the SkyLight Residence development, equivalent to approximately one kilometer in length.