Second phase of the Timpuri Noi Square project
Vastint Romania announces the commencement of the second phase of its real estate project, Timpuri Noi Square, a significant urban regeneration project for the Timpuri Noi area, thus marking a important moment in the real estate industry in Bucharest.
After obtaining the necessary permits and completing the preparation phase for construction, the second phase of the Timpuri Noi Square project begins. The additional area of the project will total 105,000 square meters of gross built area (GBA) and will include two new office buildings, resulting in a doubling of the available office and commercial spaces within the Timpuri Noi Square complex.
“We are proud and excited to mark this new stage of the Timpuri Noi Square project. We are facing an innovative initiative – a mixed-use urban regeneration project of significant importance. The second phase of the Timpuri Noi Square project will be an absolute premiere, being the first office building project under construction to completely eliminate the use of fossil fuels, designed and set to be executed according to the latest nZEB and LEED standards. Renewable sources will be used for heating the buildings, such as 1,700 square meters of photovoltaic panels and 2 heat pump systems, some of which are air-to-water systems to be installed on terraces, and others are ground-source systems that will utilize 200 geothermal wells. Therefore, we entirely remove the utilization of gases. We aim to achieve the highest level of green certification, LEED Platinum, for this project, continuing Vastint Romania’s tradition of promoting sustainability in all oour portfolio projects. Additionally, Timpuri Noi Square’s construction endeavors will engage over 1000 individuals, reflecting Vastint Romania’s commitment to generating substantial employment opportunities.” stated Antoniu Panait, Managing Director of Vastint Romania.
The structural works of the second phase of the Timpuri Noi Square project will be managed out by Vastint Romania’s partners, DESA ENGINEERING CONSTRUCTION, while the supervision and management of the construction site, along with compliance with Health and Safety regulations, will be ensured by the experts at Bureau Veritas.
“We as Bureau Veritas, through our Business & Infrastructure department, feel honored to support Vastint on this great endeavor which involves innovative urbanistic approach with sustainable impact and objectives. Our main role during this project is related to verifying and monitoring the quality of the execution of the construction elements, together with the coordination of the entire activity according to occupational health and safety regulations. By its involvement in this project, Bureau Veritas joins Vastint in ensuring that the highest quality standards are followed and achieved.” stated Carlos Garza-Castillo, Country Chief Executive Romania
„We are grateful to Vastint Romania for their trust in awarding us with the contract for the execution of the structural works of Timpuri Noi Square Phase 2 Project. We are sure this will mark the beginning of a succesful partnership. We would like to ensure them of the full support of DESA ENGINEERING CONSTRUCTION for achieving the target objective, within the highest quality standards, with respecting rigorously the technical project and the technical regulations in force, the project timeschedule, and the health and safety requirements” declares Erkan Demirezen, Administrator DESA ENGINEERING CONSTRUCTION.
Prior to the development of Timpuri Noi Square, up until 2017, the area lacked the necessary public recognition, despite being one of the five major urban centers in downtown Bucharest and representing a significant market in the Capital.
Presently, this architectural project seamlessly integrates into the city’s infrastructure, boasting strong connections to both public transportation networks and major road arteries. Situated in a densely populated area, Timpuri Noi Square has significantly influenced the swift development of the local service sector and heightened interest in office and residential spaces. Moreover, the area’s appeal is further amplified by the presence of educational institutions, ranging from kindergarten to prestigious private universities. This feature provides residents and employees in the area with easy access to a diverse range of educational options, thereby enriching the quality of life and the attractiveness of the area for families and professionals seeking to live or work in a dynamic and comprehensive urban environment.
Vastint Romania is a Real Estate company that has been active in the Romanian market since 2008. The company also owns 2 premium office projects, each consisting of 3 buildings, with a total leasable area of 95,257 square meters. The new development plans of Vastint Romania for the second phase of Timpuri Noi Square expand the company’s leasable portfolio to 150,000 square meters of office and commercial spaces.
