One United Properties announces the acquisition of a 5,755 sqm plot of land at 110-112 Barbu Văcărescu Street in Bucharest. The transaction amount is 10 million euros.
In the Floreasca – Barbu Văcărescu area, the company has completed developments with a combined gross development value of around 536 million euros. A further portfolio with a gross development value of approximately 360 million euros is under construction in the same area, including One Floreasca Sunset, One Peninsula, and One Floreasca Club. The development planned for the newly acquired site will add another 130 million euros in gross development value.
According to the preliminary design concept, the building will include four basement levels, a ground floor, and 25 upper floors, with an above-ground gross built area of approximately 25,900 sqm. Standing more than 100 meters tall, the tower will be one of the tallest residential buildings in Romania.
The lower floors will include retail and office space, with a range of services and amenities. The development will also give an abandoned site back to the city. Beyond housing, the project will bring shops, workspaces, and 2,000 sqm of green space to the area, for future residents and everyone who lives or works in the neighborhood to enjoy.
“We chose this site for its location and for the way it complements our investments in Floreasca-Barbu Văcărescu. We have developed homes and offices here, and through One Gallery we are bringing in restaurants, wellness facilities, and event spaces. The synergy between these functions creates value: nearby services add to the appeal of the new project, while future residents will broaden the customer base of local businesses. We also care about what this investment brings to the community: more services within walking distance, places to meet, and street-level spaces for everyone in the neighborhood to enjoy. These benefits will be written into the brief for the international architecture competition, in which we will be looking for a design that makes the most of the site’s position and views, paying as much attention to the tower’s silhouette as to the way the building opens up to the street,” said Andrei Diaconescu, co-founder and co-CEO of One United Properties.