Italians build 250m-euro real estate project in Craiova

Italian real estate developer Seconda Iniziativa, in partnership with the Casa Noastra company, controlled by businessman Stefan Cherciu, will start construction of a real estate project in Craiova, following a 250 million-euro investment. The project will entail retail space, a hotel and a water park. “We have a PUZ (Zoning Plan) and a PUD (Detailed Zoning Plan) for this project, and in a few days, we will finalise the whole concept in order to be able to apply for a construction permit. Depending on the quality of the project, the investment will amount to 250-300 million euros,” said Anthony Vitali, project manager at Seconda Iniziativa. Construction works for this project are scheduled to start in December this year, with the completion estimated to take place in mid-2009. This is the first project conducted on a foreign market by the Italian company, set up in 2002.