Hanner’s Fosta Fabrica mixed-used real estate project obtains all permits, will be completed in 2020

3 October 2018 • Real estate

Hanner’s Fosta Fabrica mixed-used real estate project obtains all permits, will be completed in 2020

Razvan Zamfir

Fosta Fabrica, Hanner’s restoration and conversion project of the former Grivita brewery, also known as the Luther Beer Factory, received all necessary permits and it is expected to be completed in 2020.

The project runs on an area of ​​over one hectare and includes four monuments to be restored and converted, as well as two new buildings. Fosta Fabrica is a mixed-use development that includes over 6,000 sqm of co-working and shared office space, 187 new apartments, 31 lofts, restaurants, bakery, in-situ brewery and restaurants, cocktail bar, cafes, commercial and event spaces, landscaping and parking.

The former Luther beer factory began construction in 1869, due to the development of the Gara de Nord railway station, located at the time at the edge of Bucharest and inaugurated by King Carol I.

The factory was a supplier of the Royal House of Romania and in 1900, at the Universal Exhibition in Paris, the most important international event of the time, was awarded the golden medal for the best beer.

Immediately after receiving the award, the publication Gazeta Sateanului wrote: ”It was necessary for the excellent beer produced at Sofia Luther’s beer factory to compete abroad with the most famous products from prestigious locations and acquire the golden medal at these exhibitions for the beer to take its rightful place. Only after our eyes have been opened by foreigners we have been convinced … ”

Suport for Romanian entrepreneurs

”Besides the restoration effort and the spectacular architecture of the project, Fosta Fabrica brings a new concept of partnership with the Romanian entrepreneurs invited to take part in the project. This concept implies, among other things, financial support for the Romanian entrepreneurs, who were involved since the design stage, in order to adapt to their specific needs”, said Mindaugas Valuckas, CEO and Member of the Board Hanner Group.

The Hanner CEO stated that the project will remain in Hanner’s administration, the only properties to be sold will be the new apartments and the lofts.

The new development preserves the spirit of the Luther factory, as it was one of the first mixed-use developments in Europe and one of Europe’s first plants to be built on metal structure. It included logistics and production centers, residential buildings for factory employees, breweries, terraces, cultural spaces, tennis court, a central square with obelisk, and the founder’s home.

Orzaria and Maltaria buildings

Orzaria and Maltaria were built in art-deco style with the help of foreign engineers. The new development restores in detail all the elements of the original architecture, preserving the identity of the spaces.

Maltaria will be converted into 31 unique lofts, the so-called hard-lofts, meaning factory conversion into living quarters, preserving all the original elements of the building.

Fosta Fabrica lofts represent a premiere for the local market, being the first such conversion in Romania. The restoration of the monuments implied an extremely high degree of technical difficulty and significant budgets. The architecture of the project is signed Tecon Architecture, architect Bogdan Babici, while the structures are designed by professor Paul Ioan, considered one of the most experienced specialists in structures and monuments structures in Romania.

Fosta Fabrica is located in Bucharest’s new office hub and benefits from subway stations in close proximity, tram and bus stations, the presence of the Basarab passage, the Gara de Nord railway station and the Polytechnic University campus.

Located within a few minutes by car from Victoria Square, Fosta Fabrica provides essential services in an area that features 200,000 square meters of new Class A office spaces, soon to be delivered.

With a portfolio of assets and developments worth more than EUR 1 billion, Hanner Group is present in markets such as Lithuania, Latvia, Romania, Ukraine and Russia.

In Romania, the company has so far invested more than EUR 100 million in residential projects, Fosta Fabrica being its first mixed-use project on the local market.

Most Hanner projects are developed using own equity. At the moment the company is developing extensive projects in the Lithuanian and Latvian markets. In Riga, Hanner is completing a project worth EUR 140 million euro of investment, named Jauna Teika, which attracted over 70 local and multinational companies and 800 families.

Source: Business Review