Swedish Viatrans-Meydanbey plans to embark on new real estate projects in Turkey after the liquor factory project in Mecidiyekoy with Emlak Konut REIT.
Emlak Konut REIT, a subsidiary of the Housing Development Administration of Turkey (TOKI), and the Swedish-based Viatrans-Meydanbey joint venture, have signaled that they are ready to commence construction on the site of what was once an old liquor factory in Istanbul’s Mecidiyekoy neighborhood.
The $200 million project is expected to house a new culture and arts center, residential apartments, a five-star hotel and office space. The old liquor factory, which currently poses a structural risk due to several prior restorations, will be torn down and restored to its original form as part of the project. The newly revamped liquor factory will become a culture and arts center on a par with international standards. The project also envisions two towers, one of which will be a residence and the other a five-star hotel. The residential apartments will mostly be comprised of 2+1 and 1+1 room apartments.
Source: Hurriyet Daily News