Mermaid Properties has decided to convert an historical tenement building that it owns on ul. Jasna in Warsaw into a modern class-A office facility.

The news follows months of uncertainty concerning the future of the property. Originally the company planned a luxury residence in the location but then redesigned the scheme as a mixed-use development including office space in response to changed market trends. In March last year, in the face of financing problems, the developer put the property on sale.

Now, Mermaid seems to have changed its mind again. The firm declares the project will be completed 14 months after the signing of the first pre-lease agreement. It will comprise more than 3,000 sqm of leasable office space.