Grand Corvin 2, the last residential building along the Corvin Promenade has been completed, and Futureal Group will soon launch another 10-hectares urban renewal development project in Budapest, on the banks of the Danube.
Corvin Promenade, the widest and one of the longest pedestrian streets in Budapest, will be complete with this two-phase building comprising 558 apartments.
The development included the renovation of 22 hectares of land where 2.700 new apartments, 100.000 square meters of office space and 50.000 square meters of commercial property have been built for a total of almost 1 billion euros.
Monthly rental fee for studio apartments on the Promenade exceeded the HUF 200.000 mark, compared to an average of HUF 150.000 – 160.000 for relatively new studio apartments in the area.
For one-bedroom apartments, the average rental fee on the Promenade is about HUF 250.000 to HUF 300,000, while in the neighborhood it stands around HUF 210.000-230.000.
Futureal Group is carrying out several residential and office projects in the surrounding streets and will soon launch Marina City, another large-scale urban district redevelopment project which is similar in scale to the Corvin Quarter and will be developed on a 10-hectares brownfield site on the banks of the Danube.