Złota 44

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Złota 44
2014-02-21 Libeskind’s Złota 44 in Warsaw.jpg
View from the observation deck of the Palace of Culture and Science
General information
Status Topped-out
Type Residential
Architectural style Deconstructivism
Location Warsaw, Poland
Address Złota 44
Coordinates 52°13′52″N 21°00′09″E / 52.23111°N 21.00250°E / 52.23111; 21.00250Coordinates: 52°13′52″N 21°00′09″E / 52.23111°N 21.00250°E / 52.23111; 21.00250
Construction started 2007
Completed 2016 (projected)
Height
Roof 192 m (630 ft)
Technical details
Floor count 52
Floor area 79,000 m2 (850,000 sq ft)
Design and construction
Architect Daniel Libeskind
Developer Amstar – BBI Development
Other information
Number of suites 266
Website
www.zlota44tower.com

Złota 44 is a residential skyscraper[1] (192 meters high, 52 storeys[2]) under construction in central Warsaw, Poland. It was designed by the Polish-born American architect Daniel Libeskind[3] in association with Polish architects Artchitecture. It is developed by Amstar and BBI Development, which bought the topped-out but unfinished building from its initial developer ORCO.

Characteristic[edit]

The name comes from the building's address - Złota ("Golden") Street. It is next to the Palace of Culture and Science, the tallest building in Poland (237 m), and the Złote Tarasy shopping center. Upon completion of construction, Złota 44 will be the third tallest skyscraper in Warsaw.

Złota 44 will be one of the largest residential building in Poland and European Union. It is a luxury 52-story skyscraper reaching a height of 192 meters and containing 287 apartments. All apartments will be equipped with the home management system (HMS),[4] which facilitates control of the air conditioning, roller blinds, heating, illumination and allows the possibility of placing online orders from restaurants or other service. All residents will receive a security card, which allows them to reach only the floor where their apartment is on.[5]

History[edit]

Due to the financial problems of the developer, the invalidation of the construction permit and conflicts with the inhabitants of the surrounding buildings, construction was put on hold in 2009, but resumed in January 2011.[6] On 3 February 2012 the building was topped out.[7]

In December 2013, ORCO terminated its contract with the general construction contractor Inso.[8]

As of the end of 2013, investment was called by ORCO a "major financial failure for the Group in the fall of 2013".[9] ORCO announced a €121 million (around PLN 500 million) write-down of the value of the building. The company went on to announce its intention to sell it as fast as possible. One of the banks financing the construction terminated its contract and wanted the loan refunded (PLN 250 million).[10] The developer also disclosed that the high flat rates (PLN 65 000 per square meter, at the time the highest in Poland) were artificially inflated to generate media coverage.

On the 28th of August 2014 the sale of Złota 44 was finalized. The building was sold from ORCO to Amstar and BBI Development for €50 million (about PLN 215 million),[11] which was a small fraction of its construction cost, estimated at PLN 700 million.

Starting from the 16th of April 2015, the sale of apartments has been officially resumed.[12] Depending on the location, size, layout and finishing standard, the price per square meter ranges from 24 000 PLN to 40 000 PLN.

References[edit]

  1. ^ "Amstar and BBI development to acquire prestigous residential project in Warsaw (PL)". Retrieved 2015-02-20. 
  2. ^ "Denver company buys Polish 52-story apartment tower for $83M". Retrieved 2015-02-20. 
  3. ^ "ZŁOTA 44 – masterwork of a famous architect". 2015-03-06. Retrieved 2015-04-27. 
  4. ^ "Złota 44 wraca do sprzedaży! [Zdjęcia]" (in Polish). 2015-04-05. Retrieved 2015-04-27. 
  5. ^ "Mieszkać inteligentnie i w apartamentach przyszłości!" (in Polish). Retrieved 2015-04-27. 
  6. ^ "Orco to resume Warsaw apartment project Złota 44 in January 2011". Retrieved 2015-02-20. 
  7. ^ "Wiecha i fajerwerki na Złotej 44" (in Polish). 2012-02-03. Retrieved 2012-04-14. 
  8. ^ Matusiak, Wojciech; Wojtczuk, Michał (2012-12-17). "Kłopot grupy Orco. Co ze "szklanym żaglem" w Warszawie?". Wyborcza.pl (in Polish) (Wyborcza.pl). Retrieved 2014-01-14. 
  9. ^ "StockWatch: Orco Property Group on sale of Zlota 44 project". 2014-03-28. Retrieved 2015-04-07. 
  10. ^ Ostrowski, Szymon (2014-04-02). "Fiasko flagowej inwestycji. Muszą oddać 250 mln w miesiąc" (in Polish). Biztok.pl. Retrieved 2015-02-11. 
  11. ^ "Ostateczna cena sprzedaży Złotej 44 ustalona na 50 mln EUR" (in Polish). PB.pl. 2015-01-09. Retrieved 2015-02-19. 
  12. ^ "Ruszyła sprzedaż mieszkań w ZŁOTEJ 44" (in Polish). 2015-04-16. Retrieved 2015-04-27. 

External links[edit]