One United Properties (BVB: ONE), a prominent Romanian investor and developer of residential, mixed-use, and office real estate, has signed a preliminary sale and purchase agreement for a substantial 34,800 sqm plot of land in Constanţa. This transaction accelerates the company’s strategic expansion into regional markets outside Bucharest.

The land is located on the Black Sea coast in the Faleză Nord-Pescărie area, which is considered the most desirable residential district of the city. The plot, acquired from local real estate developer the Alezzi Group, offers easy access to the beach and major urban points of interest. It is situated in the northern part of Constanţa, right next to the entrance to the Mamaia resort, and benefits from access to Mamaia Boulevard.

The company plans a significant mixed-use development on the site, estimated to have a gross development value of approximately EUR 500 million. A building permit is already issued for the land. Construction work is expected to begin in about one year, with completion anticipated approximately three years from the start date.

The approved permit allows for the construction of seven tower blocks. Six of these will be residential, with the seventh designed as a five-star hotel. The development will also feature a commercial and leisure area, a restaurant area, a gym and spa, a promenade, and a school and kindergarten. Necessary parking spaces for the complex are also included.

One United Properties intends to apply its sustainable development concepts from Bucharest to the project. This will involve integrated commercial functions, energy-efficient buildings, common areas, and services on the ground floors of the buildings, focusing on the quality of the urban experience.

Victor Căpitanu, co-founder and co-CEO of One United Properties, commented: “Constanța is an important regional growth hub for Romania, a city that, thanks to its international port and tourism-oriented economy, has significant long-term urban development potential. The signing of this preliminary agreement for the purchase of land in a highly attractive area of the city supports our strategic focus on expanding our presence beyond Bucharest. We are carefully and selectively pursuing opportunities in cities with solid foundations and real demand for a standard of living and business similar to what we have already built in the country’s capital. Constanța and Sibiu are therefore the first two markets targeted under this expansion strategy, and our goal is to bring the ONE standard to more regional communities through developments that create long-term value for residents, investors, and the city.”

The company already operates the One Mamaia Nord development in Constanţa County, a landmark in the premium segment of the Romanian coastline. That complex currently has two completed phases and a third under construction, with additional land secured for three further phases.

Andrei Diaconescu, co-founder and co-CEO of One United Properties, added: “For us, Constanța is a city with great development potential, a city with universities, hospitals, a port, tourism, and a demographic pool that justifies long-term investments. The targeted land is located in an already consolidated area of the city, Faleză Nord-Pescărie, close to the sea and the beach, to established residential areas, to the main road arteries, but also to the Mamaia resort. We believe that here we can build a sustainable, mixed-use development that will bring a new standard of living, as well as services and spaces that will benefit the entire community in the area. Our goal is to develop one of the most desirable residential communities through a significant investment that will certainly contribute to increasing the attractiveness of Constanța, both as a residential and tourist destination.”

The firm also announced an acquisition in Sibiu earlier this year. That project involves the urban regeneration of the former FLARO industrial platform, including the restoration and preservation of four historic buildings.