Residential buildings could be built on the site of the Gellért swimming pools

A unique residential development is about to begin in the heart of Budapest, at the foot of Gellért Hill, on Kemenes Street. According to a statement by Market Építő Zrt., the site is currently vacant and, having lost all its previous functions, is now ready for the group to build a premium residential area. The Gellért Baths' boiler house and children's pools operated on the site until 2008, then the Pagony entertainment venue occupied a small part of the site between 2014 and 2021, but today, cars are parked in the unfairly neglected area, and weeds have grown over the crumbling pools and building remains.

Neglected area

Market Asset Management purchased the exceptional site in the autumn of 2023 with the aim of creating a high quality, premium residential complex that will not only offer exclusive homes for future residents, but will also add value to the houses and streets of the area. It will contribute to the beauty and value of the neighbourhood at the foot of Gellért Hill by creating a new quality of life on the existing, untidy site.

Quality and sustainability

The residential project on Kemenes Street will consist of two 14-apartment apartment buildings and a 4-apartment villa building, which will blend in well with the surrounding environment and the height of the neighbouring apartments, located in the middle of the plot and closer to Mányoki Street. For the comfort of the residents, there will be wellness and fitness facilities, as well as a single-level underground garage. Special attention has been paid to increasing the green areas: the green area of the plot is planned to reach 69.9% and the development will result in 132 trees instead of the current 97, an increase of more than 30%. Many of the existing trees are diseased and will be replaced by new healthy trees. Market Asset Management is committed to using sustainable solutions to ensure that the property complex on Kemenes Street is not only beautiful, but also environmentally friendly. Emphasising the green character of the area, the developer has named the project Gellért Green Residences.

Historic preservation and regeneration

A special feature of the development is the renovation of a former heating plant in the area, which is in ruins and is protected as a historical monument. The building, which formerly served the Gellért Spa, will be given a new function: it will be reborn as a recreation centre while preserving its heritage value. The renovation will be carried out in close cooperation with the heritage office, while respecting the historical values.

Community contribution

The Market Asset Management doesn't just think within the confines of the site. As part of the investment, it is also undertaking, at its own expense, the renovation of sections of Kemenes Street, Orlay Street and Mányoki Street, as well as public spaces. This will include the repair of pavements, pavements and green areas.

"For Market Asset Management, it is of paramount importance to make investments that have a positive impact not only on their immediate environment, but also on the wider community," said László Balassa, Deputy CEO of Market Asset Management Zrt. Real Estate Development. "With our project at the Kemenes Street pagoda site, we are revitalizing a neglected area while creating value, just as we did with the Körszálló, preserving the memories of the past and contributing to the development of the neighborhood."

The plans for the Gellért Green Residence project are the result of continuous consultation with the local government, the District 11 Chief Architect, the National Council of Architectural Design and the Heritage Protection Office. The project complies in all respects with local building regulations and Market Asset Management is committed to transparent and open communication at all stages of the project.

The site clearing and demolition works have already started, with the contractor Market Építő Zrt. expected to start construction this autumn and the project expected to be completed by the third quarter of 2027.