Finnish real estate developer YIT has acquired two plots of land in Krakow, marking the beginning of its expansion into another local market in Poland. In addition, it purchased land for investment in cities where it was already present – Warsaw and Gdansk. The entry into Krakow is part of the company’s long-term development strategy.
During the first three quarters of this year, the Polish branch of YIT added a total of more than 80,000 square meters of residential floor space (PUM) and 1,800 units. The company purchased two pieces of land for more than 700 apartments in Krakow, two more in Warsaw for about 600 apartments, and three locations in Gdansk for about 500 apartments.
“The purchase of new land, including in Krakow, is the result of YIT’s strategic decisions made well in advance. We invariably seek attractive locations by focusing our attention on Poland’s largest cities. After stabilizing our position in Warsaw and Gdansk, the time has come for the capital of Malopolska, which, with its potential and great history, fits perfectly into our vision of development,” says Tomasz Konarski, president of YIT in Poland.
In addition to securing land for future investments, YIT is also continuing to build original projects already underway. One example is the Cranes mixed-use development in Gdansk, which is being built on a plot of land on Nowomiejska Street starting in mid-2021. The first phase will include 243 apartments in an elegant and modern building, whose design will be reminiscent of shipyard cranes, waves and dunes. Professor Rainer Mahlamäki, author of the award-winning POLIN Museum of the History of Polish Jews, is responsible for the concept.
Work is also proceeding on schedule at the construction site of the final stage of the capital’s Parkur Residence development. The building, located in Służewiec district, will contain 162 apartments, and the first tenants will receive the keys to their units later this year.
October also saw the start of construction of the final stage of the Aroma Park development in Warsaw’s Bialoleka district, called Aroma Park Lofty. YIT will give new life to the buildings of the former yeast distillery, revitalizing three historic buildings that are part of the historic area – the Factory, the Old Warehouse and the Factory Villa. A new building will also be constructed, in keeping with the industrial character of the surroundings. The project includes a total of 170 apartments and lofts, and is scheduled for completion in the second quarter of 2024.
