Euro Vial Residence acquired a six hectares plot of land located in the northern area of the city of Constanta, towards Ovidiu, in a transaction with a value of EUR 6.5 million.
A mixed project is going to be developed on the acquired land, which will include over 800 apartments and villas, a strip mall with a surface of 10,000 leasable square meters, multiple green areas, service spaces and smaller shops.
The entire surface is divided into 12 plots. The company will start in the next period the general infrastructure works for all the plots, from the road infrastructure with direct access to Tomis Boulevard, to the construction of all the public utility networks (sewerage, water supply, electricity, and gas), works that will require an estimated investment of about EUR 1.5 million.
At the same time, Euro Vial is in discussions with a major national supermarket operator to open a unit within the strip mall that will be developed within the project. After the completion of all the infrastructure works will be started the first residential phase of the project, with three buildings with six floors and a total of over 200 apartments, commercial spaces located on the ground floor of the building and exterior parking lots. The company also wants to initiate negotiations with potential partners, to simultaneously start several phases of the development of the residential component of the project.
”Given the side of the land, we will develop one of the largest residential projects from Constanta. It will be a mixed project, with multiple social functions for its residents, located in the northern area of the city, the most sought, both by Constanta’s residents and also by investors from other regions. The new project will attract an investment of over EUR 50 million,” stated Virgil Lixandru, managing partner Euro Vial Residence.
The project will be located in Palazul Mare area, from northern Constanta, an area in full urban development, in the vicinity of Ovidius Clinical Hospital, the biggest private hospital in Dobrogea, in the vicinity of the future private school Spectrum, one of the most prestigious institutions in the city, and a dermatological clinic.
Euro Vial Residence completed three residential projects in Mamaia – Sea ON and Lake ON – and in Bucharest – Forest ON, in Baneasa area – with a total of 604 apartments, following total investments of EUR 55 million. The company is currently developing two residential projects, Private Lake in Mamaia, with a delivery date set for December 2024 and over 50% of units sold, and Labirint Residence in Constanta, both comprising 112 apartments. The company also acquired Clos des Colombes domain in 23 August – Olimp, which is one of the most renowned vineyards on the Romanian coastline.
