Post-industrial portfolio

Eyefuls in Praga
Piotr Laszkiewicz, who has worked for the Kielce-based developer owned by Michał Sołowow since 1998, has now moved to Warsaw, changed his job and his employer. Now he intends to develop projects with the backing of Black Lion NFI, an investment fund listed on the Warsaw Stock Exchange, the majority shareholder of which is Maciej Wandzel. "The potential of the properties in the portfolio of Black Lion is the reason why I came to Warsaw. It will provide work for a few, maybe even a dozen or so years. A useable residential area of app. 100,000-130,000 sqm could be built in Soho Factory alone," explains Piotr Laszkiewicz, now the president of the management board of Pamvest, which has been established by Black Lion's shareholders to provide investment services to the land bank held directly by the fund as well as its subsidiaries. It has two projects in Warsaw's right-bank Praga district: the Soho Factory on ul. Mińska and PZO on ul. Grochowska. Soho Factory, located on an 8 ha plot (which was the site of the 'Pocisk' ammunition plant in the interwar period as well as of the Warsaw Motorcycle Factory, where 'Osa' scooters were manufactured after the war), is now the location of Black Lion's offices, as well as the Konkret and WWAA architectural studios, the Neon Museum, showrooms, the Gemo Georgian restaurant and former industrial buildings suitable for holding events for people from... the real estate industry. The owner has declared that the idea of the Soho Factory in Praga involves "bringing to life a Warsaw equivalent of New York's Soho district, where artists transformed former factory buildings into art galleries and lofts, in which the spirit of Warhol can still be found today". The first residents are to move in soon, with the construction of the first residential block, Rebel One, designed by the WWAA and Konkret (the lead designer) architectural studios. "Nearly all of the 41 apartments have already been sold. You need to spend app. PLN 8,300 per sqm for one of the apartments that are still available. Two out of the last remaining four have already been reserved. Eventually, there will be even fewer apartments because some buyers have decided to join two flats together. The building should be finished in mid-2013, while the construction of a second facility called Kamion Cross is to start in the autumn. We are currently choosing the general contractor. Around 170 apartments are to be built for those who wish to live in the Praga district," reveals Piotr Laszkiewicz.

Offices instead of lofts
The factory on ul. Grochowska is to be converted into an office building, according to a design drawn up by the Konkret studio. Only a few years ago, during the boom on the residential market, Zachodni Fundusz Inwestycyjny, which later established Black Lion NFI after a merger with Narodowy Fundusz Inwestycyjny Progress, was planning to build stylish lofts on the site. "PZO has a great potential for offices and eventually 16,500 sqm of office space is to be created. The building permit, which we have already received, is for the first stage of around 8,000 sqm. At the same time, we are trying to obtain site development conditions for the second stage. In the meantime the procedures to get the local zoning plan passed are coming to an end. So we are working hard," claims Piotr Laszkiewicz. He goes on to add that the buildings are under a preservation order, and the name holds historical value. "The Factory PZO name is already present in the minds of Warsaw people, so it should be kept. However, it is too early to consider this matter settled," explains the head of Pamvest.

The least advanced project is a residential development in Kraków. The Cracovia Property SPV company is the owner of a 5.6 ha site plot on ul. Bochenka in the southern part of the city. The developer is currently applying for a site development conditions decision for the plot.

Ewa Andrzejewska