Euro Vial Residence acquires 6 ha of land in Constanta for EUR 6.5 mln

Euro Vial Residence acquired a six hectares plot of land located in the northern area of the city of Constanta, towards Ovidiu, in a transaction with a value of EUR 6.5 million.

A mixed project is going to be developed on the acquired land, which will include over 800 apartments and villas, a strip mall with a surface of 10,000 leasable sqm, multiple green areas, service spaces and smaller shops.
The entire surface is divided into 12 plots. The company will start in the next period the general infrastructure works for all the plots, from the road infrastructure with direct access to Tomis Boulevard, to the construction of all the public utility networks (sewerage, water supply, electricity, and gas), works that will require an estimated investment of about EUR 1.5 million.

At the same time, Euro Vial is in discussions with a major national supermarket operator to open a unit within the strip mall that will be developed within the project. After the completion of all the infrastructure works will be started the first residential phase of the project, with three buildings with six floors and a total of over 200 apartments, commercial spaces located on the ground floor of the building and exterior parking lots. The company also wants to initiate negotiations with potential partners, in order to simultaneously start several phases of the development of the residential component of the project.

”Given the side of the land, we will develop one of the largest residential projects from Constanta. It will be a mixed project, with multiple social functions for its residents, located in the northern area of the city, the most sought, both by Constanta’s residents and also by investors from other regions. The new project will attract an investment of over EUR 50 million,” stated Virgil Lixandru, managing partner Euro Vial Residence.