The last residential building on Corvin Promenade has reached its highest point: the imminent completion of Grand Corvin 2 will complete the final look of Budapest’s widest and one of its most popular pedestrian streets, whose development began more than a decade ago.
Cordia, which is also responsible for the 22-hectare urban regeneration project, is expecting a very strong year in both the domestic and international markets this year, and will soon announce the launch of another major urban development project in the Hungarian capital.
Corvin Promenade, centerpiece of Central Europe’s largest urban regeneration program launched more than a decade ago and developed by the Futureal Group, has reached another important milestone: the last residential building on the Promenade, the second phase of the Grand Corvin, has reached its highest point. The widest and one of the longest pedestrian streets in Budapest, which has won several international awards in recent years, will be completed with this complex of 558 apartments. At the same time, the regeneration of the quarter surrounding the Promenade will continue, as the Futureal Group is also carrying out several residential and office projects in the neighboring streets. The company also plans to carry out a number of complex urban development projects of varying scale, both at home and abroad.
The mass of the Grand Corvin has been shaped by LAB5 architects to a scale that adapts to the original urban landscape by dividing it into several distinct characters, through a variety of external cladding. The different characters are reminiscent of the buildings in the neighborhood: the brick façades, used for the first time on the Promenade, refer to the brick houses, while the limestone is a reference to the earlier buildings on the Promenade. Also new is the special metal sheet cladding to improve the lighting in the courtyards, which has never been used before in a residential complex of this scale in Hungary.
’We are very proud that over the past decade we have managed to realize such a large-scale project in the heart of Budapest that few people could have believed in when it was launched. Our success is not only proved by the prestigious international awards we have received, but also the fact that this completely redeveloped quarter is a favorite place among Budapest residents, whether they are looking for a place to live, invest in property, shop or work. The scale of the work done is reflected in the 22 hectares of land that have been regenerated, with a total of 2,700 new apartments, 100,000 square meters of office space and 50,000 square meters of commercial property, worth almost EUR 1 billion. Of course, we are not stopping there: we will soon announce the launch of a project similar to the Promenade, also in Budapest,’ said Tibor Földi, Chairman of the Board of Cordia.
The popularity and special status of the homes located on Corvin Promenade is reflected in the fact that the rental fee of the homes rented here has only temporarily decreased during the Covid period, compared to the national and Budapest average. This can be explained by the fact that they are newly built or in like-new condition, quality homes, in popular neighborhoods with good infrastructure and easy access. They are also located near office buildings and higher education institutions that attract many young foreigners.
’This year is not only an outstanding year in the life of Cordia because of the completion of the Promenade. In the domestic market, we are planning to launch 7 new residential developments and deliver a record number of over 1,800 homes. In addition, we expect to sell 860 homes, more than double the number sold last year. At present, more than 600 new homes in Budapest are available to potential buyers at Cordia, and we are working on the construction of around 2,100 apartments,’ said Áron Görög, Cordia’s Sales Director.
Cordia’s international expansion is also intensifying. In Poland, a key market, the company expects to sell 745 homes this year, which could account for nearly half of its sales plan across all markets. In the UK Cordia has invested in the affordable, regulated housing sector after Cordia Blackswan, acquired and renamed last year, began selling its first exclusive apartments.
In Romania, Cordia is currently focusing on the second phase of Parcului20, a residential project that has become a landmark in the Expoziției area of northern Bucharest, with its spectacular architecture and facilities, such as a 3,000 square meter private garden for the exclusive use of residents. Cordia has completed the first phase and residents started moving into their new homes in March 2021.
In Romania, Cordia is developing residential projects in line with the company’s values centered around well-being, energy efficiency and community development, and is currently analysing which plots in the company’s portfolio to develop next, depending on the evolution of the urban regulations. As a member of the Futureal Group, Cordia is committed to urban regeneration and improving the urban fabric.