InteRo Property Development, owned by the Canadian Topolinski investors family, will develop a total of 550 student spots in its SkyLight Residence project, following an understanding with the District 2 City Hall and a survey it carried out among district’s residents.
Michael Topolinski, founder of InteRo, says: “SkyLight Residence is a EUR +500 million landmark project that will forever transform an iconic neighborhood of the city of Bucharest, revitalizing old and dilapidated factory buildings with no green areas, into a vibrant hub for people to work, shop, live and have fun. We have great appreciation for Mayor Radu Mihaiu and his team, for the transparent and pragmatic approach to our complex project that is aimed at improving residents’ lives and raising their living standards. We met the Mayor and his team several times at Sector 2 City Hall, and also surveyed over 400 residents so as to identify the best solutions and answer their needs. The outcome of this public dialogue was an improved and more relevant project for the entire community.”
He added: “We are excited to be included in Mayor Radu Mihaiu’s revitalizing project for Gara Obor and area – a visionary project financed by the World Bank, which includes a new 30,000 sqm park adjacent to SkyLight Residence.”
Developed for the medium and premium market, SkyLight Residence is a sustainable project designed to comply with the BREEAM standard of excellence certifying green projects. The mixed-use development will include more than 35% green areas (compared to the mandatory 30%), over 2,200 apartments, 89,000 sqm offices as an IT campus and 8,540 sqm of commercial area. The green areas will include 5 private parks with swimming pools, running tracks, reading areas, dog parks and meeting spaces.
Answering District 2 residents’ needs, InteRo will now add a primary school with a capacity of 250 children, three kindergartens (with a total of 150 capacity) and three nurseries (also 150 spots).
The Topolinski family also agreed to donate the local administration EUR 12-million worth of roads they will build as part of the SkyLight development. The City Hall budget will also benefit from RON 15 million-worth in annual taxes resulting from the project, which will provide important financial support for new District 2 investments.
An additional benefit for the local community will be the development of the 8,000 sqm central park allowing for connection between the Bucur Obor Park and a new 3-hectare park planned when CFR land is revitalized. InteRo has also committed to plant 1,000 large trees in the area.