Ukrainian businessman Vasyl Khmelnytsky’s holding company UFuture has sold LvivTech.City to Western Ukrainian developer VD Group to optimize its portfolio. After reconception, the project will be implemented under the Lviv.City brand, with the first phase scheduled for completion by the end of 2025.
“Innovative parks and integrated projects that are a continuous ecosystem are a global trend that we have brought to Ukraine by creating UNIT.City and scaling the project in western and eastern Ukraine. I am pleased that the Ukrainian developers who became the new owners of LvivTech.City understand the prospects of this model. For me and UFuture, the funds raised from the sale will allow us to reduce the loan portfolio and redirect investments to key projects for the company,” commented Vasyl Khmelnytsky, founder of UFuture.
UFuture told Interfax-Ukraine that under the agreement, the office building B01 and corporate rights in the companies that own the LvivTech.City innovation park project were sold.
VD Group reported that they had changed the project concept, most significantly, changing the class from business to premium segment, respectively, and adjusting the content and materials.
“There is a shortage of high-quality premium housing in Lviv, which is always in demand by a certain audience. All that Lviv offers, calling it premium, is at most a business class. However, Lviv is a metropolis of the West, a logistics hub and a city with the largest number of relocated businesses, more and more Ukrainians are choosing it as their new home, and this trend is only growing over time,” the company’s press service commented.
The project is being adjusted by the team that created the concept of LvivTech.City – achimatika.
There are five phases, 11 buildings with a height of 7-11 floors, a total of 500 apartments, as well as a modern preschool, a hospital, coworking areas, and an extensive commercial component. At the same time, Lviv.City is implementing open planning solutions – a promenade with street retail and a square, the Korsa pedestrian road, will be arranged to connect the city center with Stryi Park. The project will reflect VD Group’s experience in creating panoramic rooftop pools.
The company focuses on the innovation and environmental friendliness of construction solutions. In particular, windows with safe glazing from floor to ceiling, 3.05 m high; warm aluminum, porcelain stoneware, environmentally friendly gypsum plaster, VRF system that allows you to create a personalized microclimate in the apartment, water purification using the world’s leading technologies, a separate ventilation shaft from each apartment, etc. will be used.
As for security issues, the underground floors, in addition to the parking lot, will have two separate shelters with the comfort of an apartment with bathrooms, a kitchen, a pet room, comfortable furniture, water, additional ventilation and a chimney. They will be designed for all residents and guests of the complex, and additional protected space is planned for each apartment.
The energy independence of the residents will be ensured through the use of diesel power plants. All engineering systems of the buildings are connected to uninterrupted power supply: heating, water supply, fire protection systems, communication networks and elevators. Additionally, to increase the level of comfort, flowing water storage tanks are installed in the basements. This solution makes it possible to compensate for the peak load on the water supply system during peak periods in the morning and evening.
According to VD Group, the start of construction work at the site is scheduled for the fourth quarter of 2024, and preparatory work is underway. The first phase is scheduled to be commissioned in a year, at the end of 2025.
As for the future price, the agency was informed by the pre-booking sales departments that it will be approximately EUR3.2-3.5 thousand per square meter, as they have ambitions to build “the most premium complex in Europe in the center of Lviv”, while all three-room apartments in the first phase have already been booked.
The construction company VD Group (EDRPOU code 39475589) has been operating since 2017, with Vasyl Kavlak as the ultimate beneficiary. The developer is implementing projects in Ivano-Frankivsk, Chernivtsi, Lviv, and Bukovel, 12 of which have been commissioned and three are under construction.
UFuture is a holding company of Ukrainian entrepreneur Vasyl Khmelnytsky that unites his commercial and social projects. The company 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, and the total capitalization of the businesses in which the company has invested is up to $1 billion.
The construction of the innovation park LvivTech.City with co-working will continue, said the founder of the UFuture holding Vasily Khmelnitsky.
“They decided to complete the construction despite the war for two reasons. Firstly, to give employees the opportunity to earn money for their families. Every job saved today is support for the Ukrainian economy and Ukrainians on their native land. Secondly, we are creating a large coworking space right now, so that our IT specialists can stay and work in Ukraine,” the entrepreneur wrote on Facebook.
As reported, UFuture planned to launch the first stage of the LvivTech.City innovation park with an area of 18 thousand square meters. m in September 2021.
LvivTech.City will be located on the territory of the industrial zone of the former Lvovpribor plant. It is planned that the total area of the office part will be more than 40 thousand square meters. m. The park will be equipped with parking lots, a green area and areas for recreation. In addition, the project will be implemented in accordance with LEED green building standards.
According to the project, the area of the park is 5 hectares, the planned area of the residential part is 110 thousand square meters. m.
Completion of the first stage of construction of the LvivTech.City innovation park was previously planned for the second half of 2018, later it was postponed to the end of 2019.
UFuture is a holding company that brings together Khmelnytsky’s business and social projects. He 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.
