6 months after announcing it has accepted this project that won the "Reinventer Paris" competition, Novaxia is finalizing the acquisition of 61 rue Buzenval. This new property will be dedicated to young tourists traveling through Paris as well as Parisians.
Winner of the call for proposals "Réinventer Paris", the project will be completed in 2020. The building permit was approved last January, allowing Novaxia to plan to launch works at the beginning of the second quarter 2018. The closing of the sale has made this a reality.
The project, developed with the architects at Studio Ory & Associés, was carefully considered with residents near 61 rue Buzenval in Paris's 20th district. 1,565 m² will mean 160 beds as well as a rooftop open to local clientele.
"Our project is in response to the shortage of youth hostel rooms in Paris," explains Mathieu Descout, General Manager Real Estate at Novaxia. "The idea is to provide a new, innovative with a hybrid concept in a neighborhood that is popular with young professionals and tourists."
This is the second project in the Paris Region for the youth hostel brand by Accor Hotels after the one in Gentilly.