Romanian real estate developer STC Partners has acquired a 4,400 m2 plot of land in Bucharest, on which it plans to develop a residential complex.
In addition to the €7.2 mln paid to the Olaru family for the land, the company plans to invest nearly €35 mln to build the Quartier Ferdinand residential complex on 72-78 Ferdinand Boulevard.
The project, already approved for construction, will include 170 apartments, retail spaces, underground parking, a rooftop recreation area, and a children's playground.
Adi Steiner, managing partner of STC Partners, commented: ‘As in Quartier Azuga, this new project is also being developed with a focus on sustainability, where energy will be provided entirely by heat pumps and photovoltaic panels. We aim to realize one of the first urban projects of this size with net zero carbon emissions in Romania.’
Andrei Stefan, partner STC Partners, added: ‘We will preserve the architectural heritage of the area and integrate a modern project, a new STC Partners branded development, in which we bring a change to the local landscape on a beautiful boulevard with a rich history for Bucharest.’
Construction of the Quartier Ferdinand will start in the autumn of this year.
STC Partners completed Quartier Gramont, a boutique residential project next to the Palace of Parliament, in 2021. The company is currently developing Quartier Azuga, located near the Tei area of Bucharest, in which it will invest over €15 mln.
