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Hines exits Twarda high-rise project

19th September 2011
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The 160-meter residential tower will be completed by its hitherto little-known investor

The Cosmopolitan Twarda 2/4 project will stand 160 meters tall
Courtesy of Tacit Development Polska

Hines Polska, until recently the developer of a new residential tower, construction on which is now underway on ul. Twarda in Warsaw’s central district, has announced that its cooperation with the scheme’s investor, Tacit Development Polska, had come to an end on September 15. The latter entity will now complete the 160 meter development.

Hines was long associated with the Twarda project, which was sometimes even referred to in the Polish media as Hines Tower. However, it turned out that the company actually never owned the scheme and was just responsible for the preparation of the development process, including securing the building permit and finding a general contractor for the investment.

Now that construction on the skyscraper is relatively advanced, the investor is going to carry on with the scheme on its own. “The Hines team is proud of having been able to take part in the planning and preparation of a unique investment which will change the face of central Warsaw,” Mieczysław Godzisz, president of Hines Polska’s management board, said in a statement.

At a press conference last week, Michał Borowski, former Warsaw chief architect and now president of Tacit Development Polska’s management board, revealed the company is part of a capital group controlled by Grzegorz Jankilewicz and Sławomir Smołokowski, shareholders in Mercuria Energy Group which owns the oil trading company J&S.

The investor, which is financing the construction of the development on ul. Twarda with its own funds, wants to become a major player in the Polish property market in the upcoming years. Tacit Development Polska already owns several other properties and is planning further acquisitions, Mr Borowski said.

Designed by the renowned German-American architect Helmut Jahn, and now officially named Cosmopolitan Twarda 2/4, Tacit Development Polska’s 44-storey skycraper project on ul. Twarda will comprise approximately 250 turn-key standard apartments, as well as several thousand sqm of commercial space.

The apartments in the building will be furnished in three styles, according to the designs provided by three different architectural studios. They are expected to be managed with modern IT solutions.

Construction on the tower, which is being carried out by Hochtief Polska, has just reached the ground level and is expected to finish in the second half of 2013. The sales of apartments in the building, which will be priced at an average of zł.20,000 per sqm, is expected to launch at the beginning of next year, Mr Borowski said.

From Warsaw Business Journal by Adam Zdrodowski

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