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Some $50 mln to be invested in residential real estate as part of LvivTech.City – Khmelnytsky

KYIV. Jan 25 (Interfax-Ukraine) – Some $50 million will be invested in residential real estate as part of LvivTech.City, Vasyl Khmelnytsky, the founder of the UFuture holding, told Interfax-Ukraine.

"We have already invested about $25 million in the LvivTech.City project, the park is actively working, and we see interest from the city. This year, we decided to continue investing in the construction of residential real estate in LTC, with an estimated investment in housing of $50 million," Khmelnytsky said.

According to him, the planned investments for the LTC project as a whole amounted to more than $120 million, but after the war this amount is subject to adjustment.

Khmelnytsky said that the Spaces coworking space and a restaurant are currently open for LvivTech.City residents.

"The coworking is 50% filled with residents: these are relocated specialists, companies, and local ones. Last year, LvivTech.City became a venue for business and educational events, as there are underground shelters, the park is equipped with generators and constant Internet," he said.

The construction of the residential part of the project was planned to begin in March 2022, but the war made adjustments.

"Now we plan to start in the spring of 2023 with positive dynamics in the economy. The approximate period for the implementation of the entire project is five to seven years," Khmelnytsky said.

The authors of the concept and volumetric solutions of LvivTech.City are the Polish company APA Wojciechowski Architects, the concept was awarded the European Property Awards 2021. The project was adapted by Ukrainian architects from Archimatika

According to the project, the total area of LvivTech.City is more than 110,000 square meters, the area of the residential part is 48,000 sq m.

"As for UNIT.City.Kharkiv, the project suffered from a missile attack. In the near future, we do not see the prospects for investment and its recovery. Many residents have relocated to other regions. Now this project is on pause, we are focused on the development of projects in Kyiv and Lviv," Khmelnytsky added.

UFuture is a holding company that brings together Khmelnytsky’s business and social projects. It has a diversified portfolio of assets in real estate, infrastructure, industry, renewable energy, pharmaceuticals and IT. The value of UFuture’s assets is estimated at $500 million. The total capitalization of the businesses in which it has invested is up to $1 billion.