The Dambovita Center project, situated in the center of Bucharest on the banks of the Dambovita River, has been blocked for many years following a lawsuit initiated by the District 1 Mayor’s Office. But local authorities recently dropped the complaint, and the Urbanism Commission of District 1 authorized the Plaza Centers company, which has a 75 percent participation in the project, to develop and enlarge Radio House.
The Dambovita Center (Radio House) project is situated in the Eroilor area of Bucharest, on land that belongs to the Romanian state and has been made available to private investors. The project is a public-private partnership signed in 2006, between Plaza Centers (75 percent) as real estate developer, ‘National Company for Investment’ (15 percent), and the Kucuk family (10 percent).
It was envisioned that the project would generate €11m in income annually to the state budget.
