A subscription-only report from MTI-ECONEWS announced that Hungarian property developers Gestor and BPI Hungary were planning to spend €45 million to renovate and convert a block of buildings in Budapest’s District IX. The plan would result in new offices shops and a hotel, the company chiefs announced Wednesday. With an expected finish date set for 2010, the new development will have 10,500 square meters of office space, 2,500 square meters of shop space, and a 105 room three star hotel for business travelers.
A report by interfax.com further elaborated that the new development, called The Gallery, had previously been the home of alternative cultural center and beer garden Tűzraktár. Gestor CEO András Gerő stated the location was selected because there were no similar developments on the Ullői út corridor toward Budapest’s Ferihegy Airport.