As expected, the Italian contractor Inso was asked to complete Warsaw’s long-delayed Złota 44 project on behalf of BBI Development and the US investor Amstar. Inso had been kicked off the job by Złota’s previous owner, Orco Property Group, before the financially troubled company was taken over by Radovan Vitek’s CPI Group. Shortly after the takeover, Złota was sold to Amstar as a distressed asset for €63m. “The agreement with the general contractor is an important step for Złota’s recovery,” said Michał Skotnicki, president of BBI Development. “I am pleased that Inso will remain as the general contractor, as it’s already familiar with the project, which will ensure a smooth construction process and on-time completion.”
Construction is set to resume in February, with completion scheduled for the second half of 2016. The value of Inso’s contract has not been disclosed.
“Re-engaging Inso was a clear choice. It has always been evident to us that the previous challenges associated with the project were in no way due to the existing work, which is of the highest quality,” said Jeff Stonger, Amstar’s vice president.
Designed by world famous architect Daniel Libeskind, Złota is one of Europe’s largest and most luxurious residential development projects. It will offer 260 luxury apartments, of which 20 percent has already been sold.
