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The Warsaw Business Journal - Złota 44 Gets stamp of approval

One of Orco's most prestigious projects in Poland gets the final go-ahead!

Developer Orco's flagship project in Poland, the Daniel Libeskind-designed Złota 44 residential tower, has been granted an uncontestable building permit. Construction on the scheme, located in Warsaw's city center, is now expected to start within days and be completed by Q3 2010. The developer has already selected Besix as the general contractor for the investment and preparation work is currently being completed at the construction site.

"Great cities need great investments. Złota 44 is a unique building dedicated to the capital of Poland. We are proud that our ... courageous dream can finally be realized,"
- said Jean-François Ott, president and CEO of Orco Property Group.


The final administrative decision came after months of the developer's legal battles with ecologists and inhabitants of a neighboring apartment block who maintained that the tower would obstruct daylight and thus decrease the value of their apartments. Orco's building permit was finally upheld in court and became valid earlier this month when the head of the Mazowieckie voivod-ship turned down complaints filed against it. Despite prolonged legal tussles, the project did not suffer in terms of popularity, Orco's representatives claim.

"The joint success of the Orco and Libeskind teams has been confirmed by the project's great popularity and commercial success. A significant number of apartments have already been sold, even though we still did not have the final building permit,"
- said Jean-Claude Moustacakis, Złota 44's project director.

"An investor just can't dream of any stronger vote of confidence given by its clients, some of whom have waited for the building permit for two years," he added.

Orco's 192-m tall, 54-floor tower will accommodate 251 fully finished apartments and will provide its inhabitants with amenities, including a concierge service as well as a sundeck, a swimming-pool and a sauna. The building's developer and architect have focused considerable attention on intelligent and sustainable solutions. Złota 44 will feature automated home-management controls in each of its apartments. Energy-efficient solutions will also be implemented in the project, which, according to Orco, will lead to a 10-20-percent reduction of energy consumption in the building.

According to architect Libeskind, the design of Złota 44 is meant to generate associations with an eagle rising in the air and will reflect the Polish capital's great potential.

"Złota 44 will symbolize this wealth of [Warsaw's] opportunity and emphasize its value to the world. It is a building that embraces the aspirations of Warsaw," -
said Libeskind.

"The building will address a major shift in major cities around the world, where residential buildings will emerge as the most striking designs," he added.