The development to be carried out in conjunction with the Sziget festival will include an 10,000sqm open-air area, including sports fields for young children, a multi-functional area with 5,000sqm of indoor space, including two halls, the latter to be opened "within six to ten months", and a dog beach, the developer Multikulti chief executive Krisztian Kiss said.

Meanwhile, a Light Museum is scheduled to open in December, timed to coincide with the 3rd district municipality's Advent market, he added.

The project's precise costs will be calculated within the next half year, he said. "The assessment of public utilities and the bridges is under way, and that will determine the exact nature of the investment."

The project's chief architect, Istvan Benyei of B13 Epitomuvesz, said a former machine shop built in the 1870s would be restored, with the 150-year-old exterior walls kept in place and the interior filled with "new functions and airy constructions".

Laszlo Kiss, the mayor of the 3rd district in northern Budapest, praised the development as "a guarantee that the island will serve as a place of recreation for the district's residents". 

"The green areas will stay untouched, the northern and southern parts of the island will be connected, and everyone will have access to the entire island," Kiss said.

Peter Fenyvesi, the fund manager's president and chief executive, said the project is not just a real estate development, but one that would create value for the community, with environmental and social sustainability put to the fore, while developing the local economy and almost 300 new jobs.
 

Source: MTI – Hungary’s national news agency since 1881. While MTI articles are usually factual, some may contain political bias, and readers should be aware that such content does not reflect the position of XpatLoop, which is neutral and independent.

Since the goal of XpatLoop is to keep readers well briefed, right across the spectrum of opinions, MTI items are shared to ensure readers are aware of all narratives within the local media.

XpatLoop believes in empowering readers to form their own views through complete and comprehensive coverage. To facilitate this XpatLoop has a balanced range of news partners, as you can see when you surf around XpatLoop.com

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