Breathing new life into west HaarlemCorporate News -
A retail and residential property development on the west side of Haarlem is set to revitalise this part of the historic city in Noord-Holland. NIBC Commercial Real Estate is helping to finance the project with a EUR 35 million acquisition facility.
Plaza West Haarlem is a special purpose vehicle managed by Dutch property developer Han Kleinjan. The project involves the acquisition of five hectares of mixed-use land in Haarlem’s popular Leidsevaart neighbourhood, just five minutes from the historic city centre.
The project involves renovating and upgrading an existing retail centre and building more than 500 new rental homes on adjacent undeveloped land. In addition, a car park will be constructed with space for 500 vehicles. This is a welcome addition for the city, where there is a strong demand for rental accommodation and will also help to boost the development of the area.
NIBC provided financing for the acquisition of the land and existing retail properties and we also advised on the optimal financing structure.
To realise the project, some of the buildings currently on the site will be demolished to make way for six new apartment blocks. These will offer mid-market rental accommodation, an under-served segment of the property market. In the first phase, 63 studio apartments will be developed above the existing shopping centre, which is housed in a former post office building that is one of Haarlem’s finest examples of post-war architecture.
The shopping centre itself will be upgraded and an additional 3,500 m² of retail space will be added, as well as the car park. Once complete, at the end of 2019, the development will breathe new life into this up-and-coming area.