Denmark's Baltic Property Trust has announced that it is launching the 'Young City' development in Gdansk, the biggest waterfront revitalisation project in Poland. The City of Gdansk, BPTO Infra and BPTO Gdansk Development have signed an agreement covering the construction of Young City.
Denmark's Baltic Property Trust has announced that it is launching the 'Young City' development in Gdansk, the biggest waterfront revitalisation project in Poland. The City of Gdansk, BPTO Infra and BPTO Gdansk Development have signed an agreement covering the construction of Young City.
'At a time when there are great difficulties in the global financial market, Young City, stands out, like an oasis, as a solid place to invest in,' Torben Schøn, chairman of BPT Optima said. Gdansk's major Pawel Adamowicz pointed out that Danish people have been living and working in Gdansk for centuries, and that history was now coming full circle with Danish business coming back to create the Gdansk of the 21st century.
The first stage of the development will be Nowa Walowa Street, the main thoroughfare in Young City, and the main traffic connection to the rest of the city. Additionally, Nowa Walowa will improve access to the stadium where Gdansk will host the UEFA 2012 football championship matches.
BPTO Gdansk Development is guaranteeing that in about 12 years at least 750,000 m2 of new usable space will be developed in Young City. Amongst the new usable space to be developed will be a multi-purpose centre with a large shopping centre, multiplex and IMAX cinemas, two residential towers and an office building to open in autumn of 2011 or early 2012.