{"id":1004365754,"date":"2019-11-05T08:19:01","date_gmt":"2019-11-05T16:19:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004365754"},"modified":"2019-11-05T22:09:20","modified_gmt":"2019-11-06T06:09:20","slug":"greenfield-development-in-cee-bucharests-ambition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/greenfield-development-in-cee-bucharests-ambition\/","title":{"rendered":"Greenfield Development in CEE: Bucharest\u2019s Ambition"},"content":{"rendered":"
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Rendering of the Bucharest Centenary Project. Image courtesy of District 5 City Hall<\/em><\/p><\/div>\n

\"Highlights<\/a>

Highlights of the Bucharest Centenary Project<\/p><\/div>\n

Greenfield development sites are a rare opportunity and as land becomes scarce or even non-existent in many large European cities, developers are taking on alternative locations to expand and diversify their portfolios. Central and Eastern Europe is increasingly becoming one of their preferred investment regions<\/a>. In Romania, for example, the evolution of the country\u2019s real estate market has been pushed by the recent status upgrade from \u201cfrontier market\u201d to \u201cemerging market\u201d by global index provider FTSE Russell.<\/p>\n

One of the largest projects in southeastern Europe is being built in Romania\u2019s capital: the Bucharest Centenary Project. A roughly 100-hectare (approximately 247 acres) site entirely owned by the city’s District 5 authorities lays undeveloped just a couple of minutes from the city center. According to the recently presented masterplan, the City plans to build a 16 million-square-foot mixed-use project on it. Local authorities have already spent roughly 500,000 euros (approximately $560,000) on documentation and site preparation. <\/p>\n