Cordia begins development of Budapest’s new Danube-side city quarter, Marina City
Cordia has launched its latest large-scale urban rehabilitation development in Budapest, on the Pest side of the Danube. The Marina City project spans 1.2 kilometres of direct Danube bank, where the company will create a waterfront, multifunctional promenade and 90,000 sqm of car-free green space as part of a HUF 20-billion public-purpose investment. Most apartments will offer permanent views of the Danube and the Buda hills. The project will be served by direct metro connections and more than 100 shops, restaurants, full-service facilities, and sports amenities. Marina City, promising outstanding energy efficiency and zero local carbon emissions through unique architectural solutions, will emerge from the complete revitalisation of a 14-hectare abandoned industrial area.
Hungary’s leading residential developer has begun its latest large-scale neighbourhood renewal project in Budapest based on a unique urban development concept. Cordia, a member of the Futureal Group, is creating Marina City on the banks of the Újpest Quay by revitalising a 14-hectare, long-neglected industrial area known for decades as a rust belt zone. According to the plans, over the coming years, more than 2,500 apartments will be built in several phases, offering breathtaking views of the Danube and the Buda hills. The residential buildings represent an unprecedented architectural style in the capital. The upper floors will feature increasingly spacious homes thanks to the buildings’ upward broadening, chalice-like massing, while luxury penthouse apartments will be on top levels.
“Since its foundation, Cordia and the Futureal Group have been committed to revitalising neglected urban neighbourhoods. Over the past two decades, we have gained extensive experience in implementing long-term urban rehabilitation projects. In addition to the iconic Corvin Promenade, we have been involved in developing the South Buda City Centre, where we have built Hungary’s first smart shopping and entertainment centre, Etele Plaza, and the Budapest One office building. We are also working on several neighbourhood revitalisation projects abroad. But what did we see in the abandoned area of the former shipyard, what guided us when creating this concept? It has been our vision to make perhaps the greatest asset of our city, the Danube riverbank, directly accessible to the people of Budapest in a dignified manner, without the sight and noise of cars, in an exciting and varied form. These will be unique homes where residents can wake up every day as if on a waterfront vacation, rejuvenated by the wonderful view of the Danube and the Buda hills. This will be a place where we can breathe in the fresh air from the Danube Bend and feel free at every moment. It will also be a place where buildings have zero local carbon emissions and exceed the strictest, most forward-looking energy requirements. We envisioned a neighbourhood that provides all services locally, from which the city centre can be reached by metro within minutes, and where cars are underground. We envisioned a development where the Danube Bank and the panorama are permanent, and the buildings represent eternal value. An exemplary, forward-looking, free, modern, smart, and green and blue city vision set us on the path of creation once again,” Gábor Futó, co-founder of the Futureal Group, said at the cornerstone-laying ceremony of Marina City today. Dr. József Tóth, the Mayor of the 13th District, was also present and gave a speech.
During the development, the northern Pest Danube promenade will be extended by 1.2 kilometres, creating a direct, pedestrian- and cyclist-friendly connection between the river and the residents and visitors of the new neighbourhood. Another unique feature of Marina City’s architectural concept is that the green area will more than triple compared to the current state. Between the sparsely-placed residential buildings and along the Danube bank, 90,000 sqm of car-free, landscaped environment will be created, accessible to everyone and offering numerous leisure and sports opportunities. Due to this, residents of the new neighbourhood can live in an environment close to nature and water, without giving up the proximity of the city centre. At the same time, the nearby Duna Plaza provides convenient shopping options. The area will become entirely car-free, as the garage area and the routes of service vehicles—such as garbage trucks, movers, and food delivery—will be taken underground. As part of the investment, Cordia is also developing a unique flood protection system on the site, which will be created by constructing an environmentally fitting high embankment and applying landscaping elements—the implementation of which has already begun.
The Marina City development concept’s defining pillars are sustainability and outstanding energy efficiency. The developer uses grid electricity from green sources during construction. The heating energy needs of the buildings are covered by air-to-water and ground-source heat pumps, eliminating the need for natural gas or district heating. Solar panels will be installed on the roofs of residential buildings, supplementing the grid electricity required to operate energy-producing equipment from green sources. In response to the rapid expansion of electric vehicles, Cordia is also implementing its proprietary flexible charging management system capable of meeting the complete charging needs of vehicles. An intelligent energy management system regulates the optimal operation of all these systems: consumer operations, heat requirements, and electrical power. Additionally, every apartment in Marina City will be a smart home, including essential equipment such as heating-cooling intelligent control via a mobile application, automatic ventilation based on external and internal humidity sensing, and smart blind movement control. As a result, apartments’ heating, cooling, and hot water production energy costs are ranked A+ and A++ energy efficiency classes, corresponding to the A+2023 energy classification, and are expected to stay below HUF 1,000 per sqm per year at current prices.
Also serving sustainability, the investment—unlike many greenfield projects that are difficult to reach by public transportation—takes place near several bus routes and stations of the M3 metro line. Furthermore, the development of bicycle and micromobility infrastructure also receives significant attention.
On the Marina City site, a kindergarten and a Clubhouse accessible to the neighbourhood’s residents and workers will be built. The latter will be the largest such facility in the capital, serving community functions. It will include a fitness or wellness centre, coworking spaces, a community kitchen, and an indoor play area for children.
“The reception of our pre-sale campaign targeting previous buyers of our projects has been extremely positive, with nearly 50 per cent of the first-phase apartments already sold. The unique concept of Marina City, combined with Cordia’s proven reliability, has generated such intense buyer interest that we will soon launch the sale of apartments being built in the second phase of the development,” said Tibor Földi, President of Cordia International’s Board of Directors.
Cordia has enlisted the expertise of the internationally-renowned architectural firm Bjarke Ingels Group in the urban rehabilitation project. Garten Studio is responsible for landscape design, TÉR-TEAM engineering office is handling flood protection system design, and building design is being undertaken by Dyer Group, Közti, Radius B+S, and Puhl and Dajka Architectural Office.
The investment, which includes significant road and green area development and implementing flood protection measures, amounts to over HUF 400 billion at current prices.
It is crucial for Marina City’s realisation that the development is located in a rust belt area. This allows for the application of a reduced 5 per cent VAT rate applicable to properties built in such areas, which buyers can reclaim.
