BPT signs deal to spearhead biggest Baltic waterfront project

Danish investor group Baltic Property Trust (BPT) and the President of Gdansk have signed a preliminary agreement covering a joint investment in the construction of New Wa³owa street in Gdansk Young City - the post-industrial Gdansk Shipyard areas. According to the company statement, the street is a central part of the Young City project which will include some 1 million m² of usable surface and 4,000 apartments, making it the biggest waterfront project in Poland and Baltic Sea region. As a result of this agreement,Young City, will now have modern infrastructure by 2011, the company statement said.

The agreement covers construction of the first part of the New Walowa street as well as the preparation of related parts of the city infrastructure. The agreement will be put to the vote at the meeting Gdansk City Council meeting on 28 August 2008. The New Walowa street will be the main communication axis of Young City. The net cost of the joint investment amounts to PLN 105mln (EUR 32mln) of which BPT will cover more than half.

The architectural project of the New Walowa street and its connection with Janaz Kolna street will be ready by the end of 2008 - beginning of 2009. The project will be prepared by Ramboll Polska and the Gdansk Offi ce of Municipal Engineering Projects. The construction is expected to be completed by autumn 2011.

The Young City project is based on the idea of waterfront revitalisation and renewing the degraded postindustrial area close to the water. The investment will allow the inclusion of the Young City area in to the city.