A new real estate project will be developed in the Northern Romanian city of Bistrița on the grounds of the old location of the largest Romanian construction materials manufacturer’s former factory, in partnership with local real estate developer Alfa Construct Partners. Within this partnership, TeraPlast offers the land and Alfa Construct will build the properties at its own expense.
The land is located on Zefirului street in Bistrița, where TeraPlast carried its business until 2011 when the relocation to the TeraPlast Industrial Park in Saratel was completed.
“For the last 10 years since it has been unused, this asset brought no value to neither our shareholders nor the community we are part of. We are the largest Romanian group in the county so, beyond the gates of the industrial park, we have the responsibility to contribute to the development of the city and the local community. Now the land will be capitalized and will revitalize a forgotten part of Bistrița through the over 240 apartments within the project. It is a pity to develop the city at 7-8 km from the city centre, in Viisoara and Livezile, while an area at 1 km from the city centre remains in ruins” stated Alexandru Stanean, CEO of TeraPlast.
The implementation of the project will be carried out for a maximum period of 6 years. The project envisages the construction in 4 stages of six apartment buildings and over 350 parking spaces. The complex includes driveways, pedestrian walkways, green spaces, and a children’s playground.
The selling of the apartments will also be done in stages, as each building will be finalized. TeraPlast will receive, by payment, a minimum of €1.2 million for this land, an amount that could increase by at least 30% depending on the urban planning coefficients obtained through PUZ (zonal urban plan).
