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Index – Economy – The rust is dissolving again – one of Budapest’s largest developments will be realized with HUF 400 billion

Hungary’s leading housing developer started its latest, large-scale district renewal project in Budapest based on a unique urban development concept. Cordia, a member of the Futureal group, is creating Marina City on the coast of the Újpest Bay, by revitalizing a 14-hectare rust zone area that has been neglected for decades, where, according to the plans, in the coming years, more than 2,500, with breathtaking views of the Danube and the Buda mountains, will be built an apartment offering a panorama is being built. The apartment buildings represent a style never seen before in the capital: thanks to the upwardly widening, cup-like mass formation, more and more spacious homes are located on the upper floors, and luxury penthouses are created on the bottom floor.

“Since the founding of Cordia and the Futureal group, it has been committed to the renewal of neglected city districts, and over the past two decades, we have gained a lot of experience in the implementation of long-term urban rehabilitation projects. In addition to the iconic Corvin Promenade, our name is attached to the development of South Buda City Center, where we were able to build our country’s first smart shopping and entertainment center, Etele Plaza, and the Budapest One office building. We are also working on several city district revitalization projects abroad,” said Gábor Futó, co-founder of the Futureal group.

The main driving force of the project, which will be realized in the abandoned area of ​​the former shipyard, is the creation of an exciting and diverse urban district worthy of the Danube bank, without the sight and noise of cars.

During the development, the promenade along the Danube in North Pest will be extended by 1.2 kilometers, creating a direct, pedestrian- and bicycle-friendly connection between the river and the residents and visitors of the new city quarter. Another special feature of Marina City’s architectural concept is that the development will increase the green space by more than three times compared to the current state. A total of 90,000 square meters of car-free, landscaped environment accessible to everyone will be created between the residential buildings, which are located in a point-like, airy manner, and along the Danube bank, which will offer numerous leisure and sports opportunities. Thanks to this, the residents of the new city district can live in an environment close to nature and water without having to give up being close to the city center, while Duna Plaza, located next to the development, offers convenient shopping opportunities. In addition, Duna Pláza will also benefit from the investment, the shopping center will also undergo a renovation in parallel with the Marina City project.

The area will be completely car-free, not only the area of ​​the garage, but also the route of the vehicles performing service functions (garbage trucks, movers, food couriers) will be brought below the surface.

As part of the investment, Cordia will also create a special flood protection system in the area, which will be created by building a high bank that fits into the environment and using landscape architecture elements – the implementation of this has already begun.

The defining pillars of Marina City’s development concept are sustainability and outstanding energy efficiency. The grid electricity used during construction is purchased by the investor from a green source, and the building’s heat energy needs are covered by air-to-water and ground-probe water-to-water heat pumps, so there is no need to use natural gas or district heating. A solar panel system is installed on the roof of the residential buildings, thereby supplementing the network electricity required for the operation of the energy-generating equipment from a green source. In response to the rapid spread of electric cars, a self-developed flexible charging management system is also being built, which can serve the entire charging needs of the vehicles. The optimal operation of all these systems, the operation of the consumers, the heat requirements and the necessary electrical power are regulated by a smart energy management system. It also helps to save energy by the fact that each apartment in Marina City will be a smart home, which includes as standard equipment the smart control of cooling and heating that can be controlled via a mobile phone application, automatic ventilation based on external and internal moisture detection, and smart shutter movement. A+ thanks to everything2023 The heating, cooling and hot water production energy costs of the apartments belonging to the A+ and A++ energy efficiency classes of buildings conforming to the energy classification – at current prices – are not expected to exceed HUF 1,000 per square meter per year.

The fact that the investment – unlike many projects with green fields that are difficult to access by public transport – will also be carried out in a location where, in addition to several bus lines, the stations of the M3 metro line can also be found nearby, the development of cycling and micro-mobility infrastructure is also in favor of sustainability. get attention.

15 minutes to town

The urban district is realized according to the so-called 15-minute city concept, which means that the units and services necessary for everyday life are available within a quarter of an hour’s walking distance. Residential, workplace and recreational functions are realized at the same time in Marina City, which consists of green and smart buildings with an A+ energy rating. Metro line 3 provides an easy and fast connection to the center of Budapest and other parts.

A kindergarten and a clubhouse open to the residents and workers of the city district will also be built in the area of ​​Marina City. The latter will be the capital’s largest such facility providing community functions, in which a fitness and wellness center, a coworking office space, and a community kitchen will be created, and an indoor play area will await the children.

“The reception of our pre-sale campaign addressing previous buyers of our projects was extremely positive, nearly 50 percent of the apartments in the first phase have already found owners. The special concept of Marina City and the proven reliability of Cordia together resulted in such intense customer interest that we will soon start selling the apartments built in the second phase of the development,” said Tibor Földi, Cordia’s chairman of the board.

The value of the investment, which also includes significant road and green area developments, as well as the construction of the flood protection system, is more than HUF 400 billion at today’s prices.

Futureal will implement a public interest investment of HUF 20 billion within the project, which is the largest investment made by a private investor. In addition, they secure orders for the construction industry worth about HUF 50 billion – which is can also apply to the sector. Premium apartments are being built, the sales of which will start soon.

Priority investment

From the point of view of the realization of Marina City, it is of fundamental importance that the development is located in a rust zone, i.e. the regulatory plan for rust zones applies to it, so the reduced VAT rate of 5 percent can be applied to the apartments built here, the amount of which can be claimed back by the buyers.

The XIII. district municipality set an important criterion for the project, namely to increase the number of green areas, which Marina City fulfills: about 30 percent of the area will be green space. The development includes the remediation of industrial areas and the construction of the flood protection line. Through the rehabilitation of the rust zone, the state advanced the project to a priority investment.

It is not segregated, it fits into the average

A common criticism of large-scale projects like Marina City is that they are implemented for the more affluent sections of society – while a serious housing crisis is raging in Hungary – and that they create a kind of “segregate of the rich”. Tibor Földi denied both when asked by the Index. The chairman of the board pointed out that significant public investments are being made to make Marina City accessible to everyone. According to him, it also does not stand the test of truth that, thanks to the 15-minute city, the residents – thanks to the fact that every single function of life is available locally – are cut off from the everyday life of the city, and in a broader sense, the country. In this regard, Tibor Földi drew attention to the fact that this is unlikely because the majority of the residents of Marina City will not work within the city district, so they will be forced to leave the area of ​​the impressive residential district even on a daily basis.

As for the prices, he highlighted:

Marina City’s apartments are fully in line with the average price per square meter for new apartments in Budapest, which is approximately HUF 1.5 million. (according to the latest Otthon Centrum survey HUF 1.655 million).

In other words, apartments in the area will be available at a price level corresponding to the capital city average, by definition, the better the parameters of the apartment (for example, the Danube panorama), the higher the price per square meter can be, up to HUF 3-4 million.

(Cover photo: Cordia)