Forty Management planning mixed-use lagoon project in Bucharest

Forty Management bought a 39,896 sqm land parcel in Bucahrest’s Straulesti area from Butan Gas Romania. The transaction is valued at €8.2m. The developer is planning to build a large-scale mixed-use project on the land. Central District Lagoon City will include 570 apartments, offices, commercial spaces, recreation spaces, urban gardens and a hotel, which will surround a lagoon. The scheme will be the first project in Central and Eastern Europe that is 100 percent “green,” according to Lucian Azoitei, CEO of Forty Management, “with self-sustaining energy efficiency through independent renewable sources, another level in urban development and reconversion.” The investment is valued at more than €100m.