Warsaw-listed property development company Polnord said it has signed a preliminary agreement to develop a 450 million zloty (EUR 110 mln) mixed-use complex in the Polish port city of Gdansk. Polnord reached the deal with the city of Gdansk to build a residential and commercial complex on a 2.6-hectare site in the Wyspa Spichrzow district of the city. The company said it will carry out the project through a 51/49 partnership with the municipality.

The scheme will include around 25,000 m2 of residential accomodation, 20,000 m2 of hotel and office space, public areas, as well as a 7,000 m2 museum and 730 parking spaces. The construction is set to begin in the second half of 2011 with completion scheduled for the end of 2014.