04.09.2024
Slnečnice: Cresco Real Estate and WOOD & Company team up
Cresco Real Estate has announced major progress on the Slnečnice project, Slovakia’s largest residential development in Bratislava’s Petržalka urban district. The Slnečnice Nad Mestom (Slnečnice Above City) project is being joined by WOOD & Company, a strong strategic partner with which the developer is already collaborating on the city’s upcoming Lakeside 3 project.
Cresco Real Estate and WOOD & Company have entered into a joint venture partnership, under which WOOD & Company has acquired a 50% stake in the first phase of the Slnečnice Nad Mestom project. This strategic partnership will bring 567 new apartments and flats to the market. The first phase includes the construction of two high-rise buildings (14 floors and 19 floors), and three eight-story buildings in the first of three planned city blocks. The developer started construction of the towers last summer, and is progressing on schedule.
This cooperation continues from the previous partnership for Lakeside 3 residential project near Kuchajda lake, which the developer is preparing and which is awaiting the relevant building permits. “We are delighted to partner WOOD & Company again. I see this as confirmation of our projects’ high long-term investment value and quality, also from the investors’ perspective. I am confident that, like other approved projects in the district, Slnečnice Nad Mestom will also achieve a high level of quality and will benefit apartment owners and current local residents,” says Ján Krnáč, Cresco Real Estate’s CEO. He also adds that Cresco Real Estate is starting international long-term cooperation with its investment partner WOOD & Company.
WOOD & Company also appreciates the continued successful cooperation. "We are confident that our pooled vision and expertise will ensure that Slnečnice Nad Mestom delivers quality housing and creates an attractive investment opportunity," says Martin Šmigura, WOOD & Company’s local partner. Slnečnice’s numerous amenities include the Slnečnice Market shopping centre, shops, restaurants, supermarkets, and various services such as medical clinics. The 8,000+ resident neighbourhood is approximately halfway through planned construction. Last year, the developer completed the first part of Joseph Popper Park in Slnečnice. A major local milestone will be the completion of the Petržalka tram line - currently in the final construction phase - to directly connect the district with the city centre.