Restoration work on Millennium Tower, which was heavily damaged in a fire three years ago, is set to begin this spring. Aberdeen Immobilien, the owner of the project, has reportedly already obtained a construction permit to restore the Bucharest office building. The restoration is scheduled to take between 14 and 16 months. According to the news server Wall Street, it would be cheaper to demolish the project and rebuild. Aberdeen Immobilien, however, prefers restoration.
In June 2009, the building caught on fire after a big billboard exploded. Millennium Tower has a leasable area of about 15,000 sqm. It is located near Armeneasca Church, a protected historical monument.
