WARSAW, POLAND – The Warsaw office of Hines, the international real estate firm, announced that construction has begun on Apartamenty Novum, the approximately 400-unit multi-building apartment complex ranging in heights from four to nine stories. The development is located in the center of Krakow at 20 Rakowicka Street, only 1.5 kilometers from the Main Market Square of the Old Town. The development is situated on a 4.8-hectare (11.8-acre) site, which was acquired in October 2011 by Hines and Heitman.
“Our first attempts to purchase an investment in Krakow were made back in 2005. We were looking for a centrally located site allowing for a larger scale project, which is extremely difficult to find in Krakow because of its densely built historic district,” said Wojciech Rumian, managing director for Hines Poland. “The start of construction on Apartamenty Novum is not only a happy ending to a complex acquisition process, but also a beginning of a long-term presence of Hines in Krakow and a hope for subsequent investments.”
The 286,500-square-foot complex was designed by local architect IMB Asymetria.