A 200,000 sqm property near the Chitila railway station that had been earmarked for a massive multi-faceted real estate project by Universul Chitila Development will now be turned into storage space and parking. The news is the end result of the developer Universal Chitila’s descent into bankrupt in February.
Universul Chitila purchased the land just outside of Bucharest in 2008 with the intention to build a giant real estate project that would have included homes, hotels, offices and commercial spaces. The project was scheduled to start in 2009, with an investment estimated at €1bn.
