Orbán Family Affiliate Announces Major Residential Development in Budapest
Adnan Polat, a Turkish businessman with close ties to the Orbán family, is moving forward with the development of the City Pearl residential complex on Soroksári Road in Budapest. This massive project is set to include four new phases, adding to the existing two phases that have already been approved.
Polat’s project company, APD Real Estate Ltd., recently submitted applications for preliminary environmental impact assessments and permits for the third, fourth, fifth, and sixth phases of the project. The development, located on a 4.6-hectare site of the former Közvágóhíd, is expected to feature five residential towers, each 12-13 stories high, with a total of 1,098 apartments. Additionally, the complex will offer space for restaurants, shops, offices, and a fitness complex, along with a two-level underground garage for 1,747 cars.
The environmentally conscious design includes a large square with an amphitheatre, surrounded by shops and restaurants, in front of a preserved old water tower. The project aims to increase green space, with a 15% green space ratio planned for the new phases.
Despite the significant increase in local traffic expected once the development is complete, the environmental impact assessment suggests that the project will have minimal effects on the environment. Traffic-related air pollution is expected to stay below health thresholds, noise levels will not significantly increase, and the climate adaptability of the area is not predicted to change.
With construction set to begin next spring and the entire project scheduled for completion by 2034, the City Pearl residential complex is poised to become a prominent addition to Budapest’s skyline. The development promises to bring new housing options, amenities, and commercial spaces to the city, all while prioritizing environmental sustainability.
