Real estate developer Speedwell said that it acquired a land plot of 24,217 sqm in Timișoara for its second mixed-use project on the banks of the Bega River. The land is located on the premises of the former 1 Iunie SA textile factory and comprises existing buildings with a constructed capacity of ​approximately 33,000 sqm.

The company developed the first such project in the city under the Paltim name.

Still in the concept phase, the new project will be a mixed project combining residential units, workspaces, small production, cultural venues, local shops, and recreation areas, the company said.

“Perhaps there is no coincidence of our second investment in Timișoara and its cultural recognition as the European Capital of Culture. We continue to believe in its extraordinary potential, and we are also aware of the heritage of the ensemble from the ex-1 Iunie Factory. Corresponding to what has been achieved with Paltim, our mixed-use project in Timișoara that includes residential, office, and commercial space, the new development will offer exceptional value to its inhabitants due to our commitment to quality and sustainability but as well due to its excellent location close to the centre of Timișoara,” said Jan Demeyere, Architect and Co-Founder of Speedwell.

Speedwell has a large portfolio of developments in Romania that includes Record Park in Cluj-Napoca, Triama Residence, The Ivy, Miro, The Meadows, Cityzen, and Spaceplus in Bucharest, Glenwood Estate in Corbeanca, Paltim in Timișoara, and Riverside City in Ramnicu-Valcea.

irina.marica@romania-insider.com

(Photo source: Conceptw/Dreamstime.com)