(WARSAW) - Hines, a global real estate investment, development and management company, has launched the final construction phase of the Novum residential development, located within the Old Town of Krakow. Construction is scheduled to complete in the second quarter of 2024 with the sales process has just begun.
The project is being developed as part of a joint venture with Amstar, a privately owned real estate investment management company, which has been an equity partner in the project since 2017. Novum 3B is a complex of cascading residential buildings on Rakowicka Street in Kraków. It will be the tallest facility in the quarter, harmonizing with the surrounding architecture. Its distinguishing features include an excellent location in the Old Town district, modern and functional design, large south-facing terraces and a high-quality finish.
The building consists of 6 to 14 floors, accommodating 324 units ranging in size from approximately 25 to 142 square meters. These will include standard flats, duplexes with full glazing and premium flats with terraces. The project will be dominated by studios, and one- and two-bedroom units. Gardens will be provided next to the apartments located on the ground floor of the building and a green courtyard will provide a recreational and park area for all residents. Two garage stories providing 205 parking spaces and storerooms have been designed under the ground.
Novum 3B is located in the northeastern part of the Old Town, in the center of Krakow. Residents of the development will have access to a rich infrastructure, including shops and service outlets, a shopping mall, schools, kindergartens, medical facilities, and cultural and entertainment venues. The area is also adjacent to the University of Economics and easily accessible with an extensive public transport network. Excellent connections to other districts of Krakow and the surrounding areas are provided by the nearby Krakow Central Railway Station and bus station. Car drivers can also count on good access due to the vicinity of the main road arteries in this part of the city.
Joanna Bizunowicz, project manager at Hines in Poland commented: "The Novum complex is a key Hines residential development in Poland and building 3B is the most distinctive in the entire project. Its defining features are its height spanning 43.7 meters terraces located on a cascading block and a unique panoramic view of Krakow."
Hines is a global real estate investment, development, and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 17 cities as well as a presence in 79 cities in 14 countries. Hines oversees investment assets under management valued at approximately €25.3 billion and provides third-party property-level services totaling 4.7 million square meters in Europe, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2022.