Specialised Project Category
Corvin Promenade 1 Phase (Futureal Group)
(Futureal Group)
Corvin Promenade 1 Phase
The New Urban Lifestyle
The Corvin Promenade Project created a new vibrant city centre in the heart of Budapest, revitalising 22 hectares of slum area in the downtown of the capital of Hungary. For the purpose of sustainable urban experience it was important to establish mixed used development, so that all the needs of local residents and those visiting the facility for the aim of business-shopping and/or recreation would be met in one location.
The Corvin Promenade Project represents multifunctional city regeneration comprising residential, office and retail developments and urban renewal, the creation of new public spaces and infrastructure. This project is the flagship project of the district. The 22-hectare area that is now giving birth to the Promenade used to be a slum, the social conditions of which required a completely novel approach. In a process that lasted for years, social workers, teachers and psychologists were providing assistance to the approximately 1,100 families that had to be relocated, mapping out their individual issues and working to find solutions - always one family at a time. This is unmatched not only in Hungarian practices but on an international level as well.
The Futureal Group started the project in 2004. After having completed half of the projects, and considering the real estate climate, the project will be completed around 2018.
The project is of distinguished importance not only due to its volume, complexity and social usefulness, but also because it required excellent performance in each field of property development in order for this complex project to be implemented, for it to be operable in a sustainable manner, and not least to generate positive indicators also from a business perspective.