Young City facing trouble

Local Polish press reported today (link in Polish) about a delay in the construction of Nowa Wałowa Street, a key thoroughfare for the so-called Młode Miasto (Young City), a massive development project in Gdańsk. The construction of the street will establish a transport backbone for Young City and is seen as crucial if commercial development in the area is to prosper.

Now it appears the construction of the street won’t start until 2010, according to Jan Dębski, managing director of Danish investment fund BPTO, which is financing the project.

The delay of Nowa Wałowa Street could also spell trouble for the Stocznia retail project, a development of Atrium European Real Estate and TK Development. TK Development is allegedly considering pulling out, according to the article. When we spoke to Atrium last month, the project was merely undergoing a “revision.”

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