Brussels, Belgium — Home Invest Belgium (HOMI), a publicly listed residential property rental company, has announced plans to develop approximately 800 residential units in Brussels’ European Quarter over the coming years.
The announcement was made on Wednesday following the signing of a preliminary agreement with the Cityforward fund, which is spearheading a large-scale redevelopment project in the area.
The project involves the transformation of 17 office buildings that were either owned or previously owned by the European Commission.
Cityforward’s vision for the redevelopment is to establish “a new sustainable and dynamic European Quarter” that integrates offices, residences, commercial spaces, and public facilities.
Home Invest Belgium will be responsible for the residential portion of this ambitious project, which includes nine of the 17 buildings.
In addition to the residential units, HOMI will oversee the development of commercial spaces and public amenities at the ground level of these buildings.
The comprehensive plan is set to unfold over a span of seven to nine years, with the first apartments potentially ready for residents as early as 2028. Cityforward, meanwhile, will retain control of the office segment of the project.
Key Financial Details
As part of the agreement, Home Invest Belgium will gain full ownership of the residential projects upon securing a final building permit and fulfilling several suspensive conditions.
The company has committed to making an advance payment of €50 million to Cityforward when the final agreements are signed, which is anticipated to occur in the second quarter of 2025.
This substantial investment underscores HOMI’s strategic focus on expanding its residential portfolio in prime locations across Brussels.
The company’s CEO expressed confidence in the project, highlighting the growing demand for modern and sustainable living spaces in the heart of the European Quarter.
Sustainability and Urban Transformation
Cityforward’s broader plan aims to enhance the European Quarter’s appeal by incorporating eco-friendly practices and mixed-use developments.
The project aligns with Brussels’ urban development strategy, which seeks to transform office-dominated districts into vibrant, multi-functional neighborhoods.
The integration of public facilities, green spaces, and energy-efficient technologies in the residential buildings reflects a commitment to sustainability.
Urban planning experts have welcomed the project, noting that it could serve as a model for other European capitals grappling with similar challenges of urban renewal and housing shortages.
As Home Invest Belgium prepares to move forward, stakeholders and residents will closely monitor the project’s impact on the European Quarter’s landscape and housing market.
The successful execution of this development could significantly reshape the area, making it a more inclusive and sustainable part of Brussels.
