A new mixed-use urban complex is taking shape in Budapest’s 13th district on the former site of the Szikra Printing Works. The Parkside Residence development has now reached its highest point, with the 43,650-square-metre site bounded by Esztergomi Road, Visegrádi Street, Süllő Street and Zsilip Street set to feature homes, a hotel, retail units and community spaces.
One of the project’s key features is the redevelopment of a site that had stood largely unused for more than 15 years, just a short distance from Vizafogó Park.
324 flats and a 152-room hotel planned
The development is being carried out in four phases. Plans call for a total of 324 new homes, a 152-room four-star hotel, nine retail units, 364 parking spaces and 215 storage units, Magyar Építők reported.
A major element of the complex will be a landscaped 2,000-square-metre inner garden connected to the residential buildings. Across the entire development, almost 4,800 square metres of green space will be created.
The project is being built next to Vizafogó Park, close to the Göncz Árpád City Centre area. According to the developers, the aim is to create an urban environment where residential, retail, service and community functions are combined with opportunities for recreation.
Four-star hotel to form part of the complex
One of the most prominent elements of Parkside Residence will be the 152-room Staybridge Suites hotel, which will become part of the portfolio of international hotel group IHG Hotels & Resorts. The four-star, apartment-style hotel will primarily target business travellers and guests staying in Budapest for medium-length periods. It will be operated by Mogotel Hotel Group.
The development will therefore go beyond a conventional residential project, bringing accommodation and commercial functions to the area alongside housing.
Czech developer’s first project in Hungary
Parkside Residence is being developed by Czech UDI Group, which has more than three decades of experience and operates in six countries across residential, commercial and logistics projects. The development is the company’s first project in Hungary.
Have you heard? Good news for homebuyers and students: vast student city and residential district could rise on Budapest’s derelict waterfront
Energy-efficient solutions included
Energy efficiency has also been a key consideration in the development. The flats will feature heat pump-based ceiling heating and cooling, which, according to the developer, is intended to meet the requirements of the A+ energy efficiency category.
The plans also include a rainwater harvesting irrigation system, electric vehicle charging points and preparations for the installation of smart home systems.
Structural works give way to next phase
The topping-out ceremony marks the completion of another major stage of the buildings’ structural works. The project is continuing according to the planned schedule. In the next phase, the focus will shift primarily to façade works, mechanical installations and interior fit-out.
Once completed, the site of the former Szikra Printing Works, which had remained vacant for more than 15 years, will have an entirely new purpose. A new complex combining residential, hotel, retail and community functions is therefore set to emerge in one of the 13th district’s sought-after areas.
Stay up-to-date with our Hungary Weekly Briefing: subscribe on Substack!
Proximity to the park increasingly important
According to the developer, the area around Vizafogó Park has become increasingly attractive to homebuyers in recent years. One of the location’s biggest advantages is that residents can enjoy both the benefits of urban infrastructure and easy access to green space.
The nearby park provides opportunities for walking, exercise and relaxation, while this part of the 13th district is also well connected to the city centre and other parts of Budapest. The development is thus taking shape in an area that has seen several major property projects in recent years.
