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 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.

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. When completed, Złota 44 will be Warsaw's third tallest skyscraper.

Construction began in the 4th quarter of 2007, after a small shopping mall called City Center that previously occupied the site was demolished. Due to the developer's financial problems, 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.[3] On 3 February 2012 the building was topped out.[4]

In December 2013, ORCO terminated its contract the general construction contractor Inso.[5]

As of the end of 2013, investment was exposed by ORCO as "major financial failure for the Group in the fall of 2013".[6] ORCO announced a write-down of €121 million (around PLN 500 million) on its value. 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 wants the loan refunded (PLN 250 million).[7] 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 28 August 2014 a sale was confirmed. The building was sold for €50 million (about PLN 215 million),[8] which was a small fraction of its construction cost, estimated at PLN 700 million. At this moment, around 20% of the flats were sold.[9] According to ORCO it is the worst investment in their history.

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. ^ "Orco to resume Warsaw apartment project Złota 44 in January 2011". Retrieved 2015-02-20. 
  4. ^ "Wiecha i fajerwerki na Złotej 44" (in Polish). 2012-02-03. Retrieved 2012-04-14. 
  5. ^ 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. 
  6. ^ "StockWatch: Orco Property Group on sale of Zlota 44 project". 2014-03-28. Retrieved 2015-04-07. 
  7. ^ Ostrowski, Szymon (2014-04-02). "Fiasko flagowej inwestycji. Muszą oddać 250 mln w miesiąc" (in Polish). Biztok.pl. Retrieved 2015-02-11. 
  8. ^ "Ostateczna cena sprzedaży Złotej 44 ustalona na 50 mln EUR" (in Polish). PB.pl. 2015-01-09. Retrieved 2015-02-19. 
  9. ^ "Żagiel Libeskinda sprzedany. Inwestor stracił miliony!" (in Polish). WawaLove.pl. 2014-08-28. Retrieved 2015-02-11. 

External links[edit]