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Immobilia Zrt. is a Budapest-based real estate development company that provides continuous and highest-quality development services in the city centre of Budapest.
The main goal of the company, in business for two decades, is to contribute to boosting commercial life in the city centre. Immobilia Zrt. was founded by Péter Csipak in October 2000. He had a progressive and grand vision unlike any other local real estate development company: he saw the potential for the historic Deák Ferenc Street to be converted into a luxury, thematic shopping street. Carefully protecting its century-old buildings and valuable architectural heritage, while applying modern and innovative solutions to keep up with the latest commercial trends, is a key element of the business philosophy at Immobilia Zrt.
The company started the renovation of Deák Palace in 2003.
The hundred-year-old building has become one of the most elegant office buildings in Budapest, and was awarded a special prize in the FIABCI competition in 2005, receiving the Pro Architectura award in 2008 from the Hungarian Real Estate Alliance as well.
The developer began working on another monumental project in 2005: with dedicated work and thematic urban development activities, Immobilia brought to life Fashion Street, one of Budapest’s main downtown attractions and a well-liked destination for both tourists and locals. The project was completed in autumn 2008, based on the designs of the Ödenburger architecture office.
As part of the project, the buildings located on Deák Ferenc Street– stretching between Deák Square and Bécsi Street – were restored to their former glory, and have provided retail space for world-leading fashion and lifestyle brands ever since.
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The building, handed over in September 2004 and covering almost 5000 square metres, is the result of the unique vision and brave initiative to bring a centennial atmosphere to life by applying the top-quality architectural solutions of the modern age. The Palace, built according to the design of the renowned architect Erick van Egeraat, was awarded the special prize at the FIABCI competition by the Hungarian Real Estate Alliance in 2005, and received the Pro Architectura prize in 2008. The European Parliament, the European Commission, Morgan Stanley, Fortis Bank and the Haarmann and Hemmelrath law firm were the first tenants at Deák Palace who were provided with the building’s premium services. Currently, the tenants of the building include the Lithuanian Embassy and Itron Labs Kft., which occupies four floors.
Fashion Street is a bold dream come true. It is the first and, until now, only High Street development in Central Europe that covers a whole street – almost 9000 square metres – in the city centre. The properties are mainly located between the Kempinski Hotel Corvinus and The Ritz-Carlton Budapest hotels on Deák Ferenc shopping street, in the heart of the city centre.
The old, historic buildings and the renovated street create a uniquely elegant environment with brands like Hugo Boss, Tommy Hilfiger, COS and Massimo Dutti. The architects had Regent Street in London and Via Montenapoleone in Milan in mind when creating the designs. With its easily accessed, wide pedestrian street and beautifully renovated, neo-classicist buildings, Fashion Street is a perfect location for both elegant retail spaces and restaurants offering mouthwatering delicacies alike.
When Fashion Street was just a concept laying on the drawing board, the founder had already started making plans about its extension. The Main Street project involves extending Fashion Street in the shape of a T along Bécsi Street: in the direction of Kristóf Square to the left, and in the direction of Erzsébet Square to the right.
The design plans presenting the concept of Main Street were created by award-winning British architecture, engineering and design firm Foster + Partners. Immobilia Group has a real estate portfolio of almost 15,000 square metres on Bécsi Street. The vision of Main Street is awaited by developers, who are also still involved in the renovation, development and restoration of the city centre, a project that they have been successfully working on for 18 years.
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