Residential complex with hundreds of homes may be built in place of abandoned chemical factory in Budapest

Plans have been announced to transform a long-abandoned chemical factory site in Budapest’s 14th district into a new residential complex with around 270 homes.

Residential complex may be constructed on the same plot where the chemical factory used to be

The brownfield plot, located near the Rákos Stream in Zugló, was once home to the REANAL Fine Chemicals plant, whose predecessor was acquired in 1933 by the German pharmaceutical giant Bayer to establish a Hungarian production base. The site has stood derelict for years, with several deteriorating industrial buildings now slated for demolition. But now, plans have emerged to create a huge residential complex with hundreds of homes in the near future.

The new owner has big plans

The new owner, Velion Holding Zrt., plans to construct five four-storey residential buildings arranged around green inner courtyards. The project will include underground parking, rooftop gardens and expanded green spaces, while also addressing environmental contamination left from past industrial use.

Developers say the investment aims not only to replace outdated structures but also to reintegrate the neglected area into the city’s urban fabric and improve a problematic section of the Rákos Stream’s green corridor. The scheme has also applied for priority private investment status under Hungary’s Home Start Programme.

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Featured image is illustration. Source: depositphotos.com