One United Properties (BVB: ONE), a publicly listed developer that has so far been focused on Bucharest, announced the signing of a promissory sale and purchase agreement for land located in a prime central area of Sibiu. The site, located on the former FLARO industrial platform, offers significant potential for urban regeneration, according to company representatives.
In addition to developing a new mixed-use community that integrates residential, commercial, and service components, One United Properties will also restore and preserve four existing historic buildings on the site. These heritage buildings, which reflect the industrial and architectural history of Sibiu, will be rehabilitated and reintegrated into the future development.
“Sibiu is one of the most exciting urban development opportunities in Romania today. The city has strong fundamentals – a thriving economy, rich cultural heritage, and growing demand for quality urban living. By bringing the ONE standard to Sibiu, we are expanding geographically beyond Bucharest and Constanta,” said Victor Căpitanu, co-CEO of One United Properties.
The former Gratioza fountain-pen factory, founded in 1922, will be rehabilitated as part of the project. An essential part of Sibiu’s interwar industry, and later nationalized under communist rule and renamed Flamura Roșie, the factory became part of the FLARO industrial group, a key manufacturer of writing instruments throughout the 20th century.
The new development will blend modern architecture while preserving historical sites, according to the company press release. The project will create a development similar in spirit to Bucharest’s One Floreasca City, with a smaller One Gallery.
“Sibiu offers the kind of layered opportunity we rarely see, namely a strong residential market, rising demand for modern office and commercial spaces, and a city identity shaped by culture and tradition. This new development will allow us to bring all those dimensions together, leveraging our proven expertise in blending restoration with contemporary urban development,” added Andrei Diaconescu, co-CEO of One United Properties.
The transaction is subject to the fulfillment of several conditions, including the issuance of the final building permit, expected by the end of 2026.
(Photo source: press release)
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