Echo Investment, Poland’s leading developer, has laid the cornerstone for Fuzja, a section of Łódź that will combine modern urban features with the historical spirit of Księży Młyn (a complex of textile factories). The company has started restoring the former Scheibler factory.
The multi-stage project will see the development of residential, commercial and urban spaces. The investment area covers 7.7 hectares. The mixed-use project will offer approx. 90,000 m2, seamlessly blending different types of spaces into one development. This is going to be a new landmark in Łódź.
“Echo Investment’s strategy focuses on the so-called ‘destinations,’ i.e. locations that help cities grow, where people can work, live and spend their free time. While creating them, we make sure to respect their history. The investment project at Tymienieckiego street in Łódź is going to be one of them. It will cover nearly eight hectares on the site of the former Scheibler factory, with the historical power plant situated in its heart,” says Nicklas Lindberg.
The project will be made up of 20 buildings serving different functions, 14 of which are tastefully restored historical buildings. The historical building of the former power plant will be the beating heart of this area. The project also includes urban squares, common areas and green zones, with a total area of almost 4 ha.
act BSWW was advising Echo Investment on the acquisition of Elektrownia RE sp. z o.o., the company that owned the investment property. The scope of legal consulting services covered all stages of the transaction: legal and tax due diligence audit of the company and the property, followed by support in negotiations of transaction-related documents (incl. the share purchase agreement).
The law firm’s team was made up of Michał Wielhorski (team leader, Managing Partner at act BSWW), Katarzyna Marzec (Partner) and Mateusz Prokopiuk (Senior Associate).
“We are glad to advise on real estate projects that involve urban renewal. Thanks to them, historical sections of cities regain their former glory, turning into unique and bustling venues,” says Michał Wielhorski.