InteRo starts construction works at its EUR 1 billion, green project SkyLight Residence in Obor area |

InteRo Property Development, owned by the Canadian Topolinski investors family, kicks off construction works at its EUR 1 billion, mixed-use project SkyLight Residence in Obor area, resulting upon completion into a 486,000 sqm total built area and almost 28,000 sqm of new green areas and parks in the neighborhood.

Phase 1 will deliver 551 apartments within 7 buildings. As construction works will accelerate by the end of this year, the developer plans to have the first residents occupy in 2027.

Michael Topolinski, founder of InteRo Property Development, said: “After paying the final installment of EUR 12.5 million on July 31, 2024, the Topolinski Family has taken full ownership of the 10-hectares plot of land in Obor area, which is now valued at EUR 120 million. We are excited to launch our most iconic and ambitious project, a reflection of our family’s commitment to the sustainable development of Bucharest real estate. We designed SkyLight Residence as a green, energy-efficient project and, given its features and transformative potential, it was included in District 2 Mayor’ project to revitalize Gara Obor and the surrounding area. The Mayor’ visionary project financed by the World Bank is an example of intelligent development and our Family is happy to get on board and create additional value for the sustainable future of this neighborhood.”

Designed to comply with the BREEAM standard of excellence certifying green projects, SkyLight Residence will be developed by using energy-efficient and advanced technologies, combining innovative design with qualitative residential living. The project includes almost 28,000 sqm of green area – the equivalent of a medium-sized park, representing more than 35% of the land area of the project, compared to the mandatory 30%.

More specifically, residents will have access to private parks with a combined area of 9,000 sqm, and a 7,000-sqm public parc allowing for connection between the Bucur Obor Park and a new 3-hectare park planned when neighboring CFR land is revitalized. Another 12.000 sqm of green areas will be distributed throughout the project. InteRo Property Development has also committed to planting 1,000 large trees in the area.

By using design elements, SkyLight Residence will honor the cultural heritage of Obor area and the Aversa factory. As such, the residential and office buildings will be using the same iconic red brick along the façade, for the first three levels facing Piata Obor. Also, two large pieces of iconic manufacturing machinery from the 1800s that were preserved from the Aversa pump factory, will be on display in the park and promenade area.

Upon completion, SkyLight Residence will transform a 10-hectare deserted plot in the city center into a focal point for the people who live, work or shop in District 2. The development will have a total built area of over 486.000 sqm - 370.000 sqm of residential space (over 2,200 apartments) and 115.000 sqm of office space, including an IT campus accommodating an estimated 10,000 jobs. Addressing the medium and premium market, InteRo’s project will also include over 4,000 parking spaces and an 8,540 sqm commercial area.

As per its previous commitment to the Obor residents and the local administration, InteRo will also build one primary school with a capacity of 250 children, three kindergartens (with a total capacity of 150) and two nurseries (150).

InteRo Property Development estimates that SkyLight Residence will contribute at least RON 25 million-worth in annual taxes to the local budget. The developer also agreed to donate to the local administration EUR 10-million worth of new roads that will be built as part of the SkyLight Residence development, equivalent to approximately one kilometer in length.

About InteRo Property Development

Established by the Topolinski investor family (Father Michael and his three children – Michael, Tyler, and Ashton), InteRo Property Development has been present in Romania for more than 15 years, helping to drive the overall growth of the local Real Estate market in terms of standards and corporate social responsibility (CSR).

The developer’s list of partners includes the Fintech startup MetaWealth, the proptech startup Bright Spaces, as well as brands including Skanska, Lidl, Balbec, Libra Bank, and private investors and global investment funds from North America, Asia, and the nearby countries.

Landmark deals include the 2012 purchase of 78,000 sqm on Progresului for EUR 21 million, where Vulcan Value Center stands today, and the largest transaction of 2019, when InteRo sold half of former Textila Dacia platform to Skanska Property Romania for EUR 23 million to build an office project.

In 2022, InteRo became the first real estate developer in Romania to implement the Bright Spaces digital solution for residential. NorthLight Residence, New Confort City, Pajurei 3 Residence and SunLight Residence are on the platform and around 500,000 sqm of total built area, of upcoming projects, is expected to be launched on the platform in 2024 and 2025. As InteRo’s portfolio grows, InteRoVerse intends to integrate all its projects in the virtual residential world.

The InteRo Property Development portfolio includes innovative and efficiently designed projects aimed at creating high-quality living and working spaces:

NorthLight Residence. Located in the middle of nature in North-East Bucharest, the project spans 13,000 sqm and includes a total of 110 premium apartments (including Penthouses) with an exceptional view of the lake, 4,000-sqm of green spaces, a children’s playground and a 320-sqm pool. This project was completed in 2021.
New Confort City. Located in the Southeast of Bucharest, the 280-apartment project has a total built area of 25,210 sqm. It offers residents an affordable and quiet community where families can enjoy the green spaces, bring the dog to the dog park, and shop at the complex’s local market to pick up anything on the go. This project was completed in 2023.
SkyLight Residence. Situated in the central part of the City (Obor area), the 10-hectares mixed-use project will provide upon its completion of 2,200 apartments with a total built area of 486,000 sqm divided into 115,000 sqm of office space, 370,000 sqm of residential and 2,600 sqm of commercial shopping. Phase 1 is composed of 551 apartments within 7 buildings, sits on a land area of 19,248 sqm with a total built area of 87,000 sqm.
Bucurestii Noi project has been designed as an environmentally friendly, state-of-the-art technology IT campus that will be developed on a 5.2-hectare plot connected to the Jiului Metro station. As an integrated project with Skanska, it will consist of 7 office buildings totaling 197,000 sqm (93,000 sqm to be developed by Skanska Property Romania, and the rest by InteRo Property Development).
Pajurei 3 Residence is InteRo’s first luxury project, with 160 luxury apartments, an outdoor pool with a barbecue area, a well-equipped fitness centre, a party room, English Courtyard, children’s playground, dog parks, and a movie space. Designed with the implementation of reducing carbon emissions, it will be built to meet the nearly Zero Emission Building (nZEB) standard, earn BREEAM Excellent Certification and offer apartments with full Smart Home Features package as a standard feature. Construction started in May 2024, with 16,960 sqm of total built area.
SunLight Residence is in Tunari, just a 5-minute drive from Pipera, and the total built area will be 17,238 sqm with 180 spacious apartments (2-room, 3-room, and 4-room with 100+ sqm garden apartments) 360 parking spots. Construction will begin in Q4 2024. The development is a nearly Zero Emission Building (nZEB), with utility costs reduced as it has 30% renewable energy produced by solar panels on the buildings’ roofs.
MoonLight Meadows will be a large-scale residential project with more than 400 apartments on 4.5 hectares in Otopeni area. The development has an estimated investment value of more than EUR 80 million.