A bright future of Banacha Hall

BBI Development NFI S.A. (BBID, the fund) is planning to build an office, retail and residential facility in place of Banacha Hall – two old-fashioned retail pavilions in Warsaw.

On 30 March April BBI Development NFI S.A. informed about its agreement with Banacha Hall  cooperative from Warsaw (Spółdzielnia Hale Banacha). The developer and the cooperative agreed on construction work near the junction of Grojecka and Banacha streets in Warsaw, on 95/95a Grójecka Str.

The investment is to be on an area of nearly 9000 sq m. that belongs to the cooperative. But before the construcion will start the cooperative has to regulate the formal issues. First of all Banacha Hall is obliged to obtain the right of perpetual usufruct or the right of ownership to the land and the developer needs a Land Development and Management Conditions or a land development plan as well as a final building permit. Obtaining by BRID financing from external sources, including loans, also is necessary. The developer will not only finish the construction work but also will demolish the shopping pavilions, providing merchants with temporary pavilions.

The agreement was concluded for four years and can be extended if necessary. The final contract will be signed if both parties comply with these requirements.

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