Hines Begins Construction on Krakow Apartments
Hines has begun construction of a 400-unit residential development in the centre of Kraków. Apartamenty Novum will be a multi-building apartment complex, with buildings ranging in height from four to nine storeys, located at 20 Rakowicka Street on a 4.8-hectare site acquired by Hines and Heitman in October 2011.
“Our first attempts to purchase an investment in Kraków 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 Kraków because of its densely-built historic district,” says Wojciech Rumian, managing director for Hines Poland.
The 26,600-square-metre property will include a two-level garage containing 458 spaces. Hines has opened a sales office on the site, and pricing will begin at zł 7,800 (€1,880) per square metre for