The builder Bog’Art partners with businessman Omar Akili, one of the founders of Forte Partners, in a new real estate project. Bog’Art Residential, owned by the builder Bog’Art, became a shareholder of a company owned by Omar Akil, which owns a plot of land of over 9,000 sqm in the Bucharest Exhibition area. The plans for this land are to build an office building, but the project has been waiting for five years to enter the urban commission for the approval of the PUZ (Zonal Urban Plan). This is not the first association between the Romanian builder Bog’Art and Omar Akili.
“The parties thus decided to continue the partnership also within the project that will develop in the Exhibition area. However, this project is, unfortunately, in a long and difficult process of urban planning approval, in a general context of bureaucracy and administrative blockages that manifest themselves at the level of the whole of Bucharest. The authorization process was started more than five years ago, at the end of 2018, by issuing an urban planning certificate in order to build a mixed-use complex: offices, services and commerce. The project has been waiting for a long time to enter the urban commission for PUZ approval, the stage in which the project is at this moment since 2019”, the company representatives said.
Source: Economica.net
