BBI Development and the US investor Amstar have fired the Italian builder Inso as the general contractor of the landmark Złota 44 residential tower in Warsaw. The two companies will oversee the work independently, as contract managers.
Construction on Złota 44 resumed in February after the JV took over the troubled project from Orco Property Group. Completion had been scheduled for the second half of 2016, but the value of Inso’s contract was not disclosed.
As part of its deal with BBI and Amstar, Orco agreed to pay Inso €13m to settle a contract dispute over the project. Last December, Amstar acquired Złota 44 for €63m and then rehired Inso to complete the project. Under a new agreement, the US investor will pay Orco €50m for the project, €13m less than the original selling price.
