Echo with AFI will carry out multi-functional complex

AFI Europe is going to be Echo Investment's partner in the commercial section of the "Towarowa 22" project, where they will hold 70% of shares. A part of the property, assigned for apartments, will be solely owned by Echo Investment, who is also going to be the developer of the entire investment. Let us recall that in March 2019, we reported that the BIG – Biarke Ingels Group architectural office was entrusted with the development of guidelines for a multi-functional project, which Echo Investments and EPP are going to build in the area of Towarowa and Miedziana streets in Warsaw. The enterprise is to entail the construction of a complex of buildings with a total usable area of approx. 230,000 sqm, where the retail section will take up approx. 110,000 sqm, office space over 57,000 sqm, hotel – approx. 23,000 sqm, apartments for rent and for sale – nearly 37,000 sqm; the complex is also going to include cultural and restaurant functions. In January 2017, we reported that Echo Investment and Echo Polska Properties signed final agreements, concerning the purchase of land located on 20 and 22 Towarowa Street in Warsaw from Griffin Real Estate. The development group was going to pay a total of 120 million euro for 6.5 ha of land. Meanwhile, in March 2014, we reported that Griffin RE purchased a property on Towarowa Street from Catalunya Banc and entrusted Kuryłowicz & Associates with the preparing the development concept. ■