LDZ Brama, a special purpose vehicle created by the Polish companies Atlas and Budomal, has ended talks with Łódź officials on what would have been a multi-million-euro development project. Called Brama Miasta, the investment was expected to add more than 3,500 jobs to Łódź’s labor market, but the Polish investors have withdrawn from the tender for the plot, reportedly worth €40m. The €50m investment was scheduled for delivery in 2018. The investors declined to comment on the decision.
City officials came under heavy fire after market watchers pointed out that the price of the land doesn’t reflect current market conditions. Łódź City Hall is blaming the opposition party. “The atmosphere of uncertainty will eventually cause investors to start shifting away from us. We lost 3,500 new jobs – that’s how the political games end,” said Marek Cieślak, vice mayor of Łódź.
