Hotel Mercure, located in John Paul II Avenue, is disappearing from the Warsaw's landscape. Currently, demolition works are carried out in the building's underground. The co-partership Echo Investment is planning to build a tower block in this spot.
In Novemner 2012 the investor submitted an application for a building permit. "At the moment we are waiting for the end of the administrative process," informs Paweł Słupski, PR Specialist at Echo Investment. Demolition works are going to last to May 2013, whereas the beginning of the construction is planned for the midyear.
Tower block is going to rise to 155 m (about 508.5 feet) and is going to offer 48,000 sq m of office area. Leaseholders will be able to use multi-storey underground car park. Architects from the design office Kuryłowicz&Associates are currently working on the final project.
The co-partership Echo Investment has been existing since 1994. Its founders are Michał Sołowow, Wojciech Ciesielski and Emilian Baran. Initially, under the name Echo Press S.A., the company's basic line of business was devoted to publishing. In 1996 the co-partership entered the real estate market. Its first project was the development of a residential building on Manifestu Lipcowego Street in Kielce. In following year, the company was expanding the range of its operations and launched construction of office and commercial investments.
The company in its portfolio has over 100 projects of total area 80,000 sq m in several dozen cities in Poland. Echo Investment operates also on the Romanian, Ukrainian and Hungarian markets. 44.43% of its share capital belongs to Michał Sołowow, and 10% to Aviva OFE Aviva BZ WZB and another 10% to ING OFE.