Published: December 05 2023
The Hungarian government is planning a major redevelopment project in Budapest that aims to transform a 130-hectare area in downtown Budapest into a new "millennium city center." This ambitious project has caught the attention of top property developers worldwide and is expected to elevate Budapest to the ranks of modern global cities.
The Scope of the Project
The redevelopment project will be carried out at the location of the Rákosrendező train station in the 14th district of Budapest. The initial assessment and depollution work alone is estimated to cost around 20 billion forints ($52.8 million). The Hungarian government has committed to carrying out approximately 1 billion euros worth of infrastructure investments to support the development.
Intergovernmental Agreement and Timeline
The government expects to sign an intergovernmental agreement on the investment in the second half of 2024. If all goes according to plan, the project could be completed by the end of the decade. The goal of the government is to establish Budapest as the strongest intellectual, economic, and political power center in the region through this redevelopment.
Budapest Mayor's Concerns
Budapest Mayor Gergely Karácsony has expressed concerns about the development project. He believes that the interests of Budapest residents should take precedence over those of the investors. The city's leadership is currently engaged in discussions with the government on the planned project, emphasizing the importance of addressing the needs of Budapest residents. Mayor Karácsony specifically mentioned the extension of the underground, railway developments, and housing construction as developments that would benefit the city's residents.
Preserving Budapest's Heritage
Mayor Karácsony also voiced the city's commitment to preserving the view of Budapest's world heritage sites, such as Heroes' Square and Andrassy Avenue. Any investment that would spoil these iconic locations is not supported by the city.
While there are differing opinions and concerns surrounding the redevelopment project, it represents a significant opportunity for Budapest to undergo a transformative change and establish itself as a global city. The government's aim to create a new "millennium city center" highlights their commitment to the economic and intellectual growth of Budapest.
Questions & Answers
What is the proposed redevelopment project in Budapest? The Hungarian government is planning a 5 billion euro project to transform a 130 hectare area in downtown Budapest into a "millennium city center".
Where is the proposed redevelopment project located in Budapest? The project would be carried out at the location of the Rákosrendező train station in the 14th district of Budapest.
What is the aim of the redevelopment project in Budapest? The aim of the project is to elevate Budapest to the ranks of modern global cities and create a strong intellectual, economic, and political power center in the region.
When does the government expect to sign the intergovernmental agreement on the investment? The government expects the intergovernmental agreement on the investment to be signed in the second half of 2024.
When is the projected completion date for the project in Budapest? The project could be completed by the end of the decade, according to the Minister of Construction and Transport.
What are the concerns raised by Budapest Mayor Gergely Karácsony regarding the redevelopment project? Budapest Mayor Gergely Karácsony raised concerns that the project should prioritize the interests of Budapest residents over those of investors. He emphasized the need for developments that serve the interests of residents, such as the extension of the underground, other railway developments, and housing construction. The mayor also expressed that the city would not support any investment that would spoil the view of Budapest's world heritage sites like Heroes' Square or Andrassy Avenue.
What alternative proposal did Mayor Gergely Karácsony suggest for the Rákosrendező area? Mayor Gergely Karácsony suggested the idea of a park city on Rákosrendező instead of a mini-Dubai.
