Libeskind's project in the center of Warsaw can proceed
Warsaw - A key project of the developer Orco in Poland, the construction of a 192-meter tall residential skyscraper in downtown Warsaw, can proceed. The Duke of the Mazovia region, where the Polish capital is located, confirmed the validity of the building permit for the skyscraper today.
The developer stated that they intend to return to the construction site within eight to 12 weeks. They will strive to have the skyscraper completed by the European Football Championship, which will take place in Warsaw and other cities starting in June 2012.
Orco obtained a building permit for the Żagel skyscraper, designed by the world-renowned architect Daniel Liebeskind, back in May of the year before last. However, after constructing 17 of the 54 floors of the building located near the famous Palace of Science and Culture, the validity of the permit was suspended. Several owners of nearby apartments protested against the construction, claiming that the building would reduce their light and decrease the value of their apartments. According to Polish media, the construction was also halted due to financial problems at Orco, and it could not proceed due to various administrative and legal delays.
The Żagel skyscraper was valued at 71.8 million euros (1.76 billion crowns) at the end of 2007.
Orco is a public company traded on stock exchanges in Prague, Paris, Budapest, and Warsaw. It manages assets worth more than 1.3 billion euros. In the first half of the year, the development company turned a profit of 238 million euros due to the revaluation of bonds, compared to a loss of 199 million euros the previous year. Revenues increased by 23 percent to 163 million euros. The company is struggling with high debt; the total liabilities of the enterprise reached 1.97 billion euros at the end of last year, approximately 49 billion crowns.
The developer stated that they intend to return to the construction site within eight to 12 weeks. They will strive to have the skyscraper completed by the European Football Championship, which will take place in Warsaw and other cities starting in June 2012.
Orco obtained a building permit for the Żagel skyscraper, designed by the world-renowned architect Daniel Liebeskind, back in May of the year before last. However, after constructing 17 of the 54 floors of the building located near the famous Palace of Science and Culture, the validity of the permit was suspended. Several owners of nearby apartments protested against the construction, claiming that the building would reduce their light and decrease the value of their apartments. According to Polish media, the construction was also halted due to financial problems at Orco, and it could not proceed due to various administrative and legal delays.
The Żagel skyscraper was valued at 71.8 million euros (1.76 billion crowns) at the end of 2007.
Orco is a public company traded on stock exchanges in Prague, Paris, Budapest, and Warsaw. It manages assets worth more than 1.3 billion euros. In the first half of the year, the development company turned a profit of 238 million euros due to the revaluation of bonds, compared to a loss of 199 million euros the previous year. Revenues increased by 23 percent to 163 million euros. The company is struggling with high debt; the total liabilities of the enterprise reached 1.97 billion euros at the end of last year, approximately 49 billion crowns.
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