International development firm GE Capital Golub has partnered with ORCO Property Group — a Luxemburg-based real estate and development company — to build a $75 million, 1,200-unit residential condo project near Prague, Czech Republic. The development, called Sunny Hill, will be one of Prague's largest residential complexes and GE Golub's first residential project in the region. GE Golub is a limited liability company whose members are affiliates of GE Real Estate and Golub & Co.
“This project is consistent in quality and scope with our standard-setting commercial developments in Central and Eastern Europe,” says Michael Newman, president and CEO of Chicago-based Golub & Co. “In pursuing multifamily residential opportunities, we sought a co-developer with a proven commitment to high quality, as well as a project with outstanding visibility and market viability.”
Construction on the 580-unit first phase — which includes four buildings — will begin later this year. Units will range in size from studios of approximately 350 sq. ft. to four-bedroom residences of approximately 1,675 sq. ft. Pre-construction prices start at $120 per sq. ft.
“Each unit will feature high-end fixtures and finishes throughout, a balcony or terrace, and a combination of ceramic tile and floating floor systems,” says Kenneth Munkacy, managing director of GE Capital Golub Europe.