ISTANBUL – Turkish developer Artaş İnşaat is set to launch a major mixed-use real estate project in Istanbul’s Ayazağa neighborhood with an estimated investment of TL 24.17 billion, according to documents submitted under Turkey’s Environmental Impact Assessment (EIA) process.
The development will be built on a 75,370-square-meter site in Sarıyer’s Ayazağa district and will comprise 2,139 independent units, including 1,800 residential apartments, 18 commercial units, and 321 office spaces. The project is planned with a total construction area of approximately 648,000 square meters.
The project stems from a revenue-sharing agreement signed between Artaş İnşaat and EİS Eczacıbaşı in 2023 for the redevelopment of the Ayazağa land. Under the agreement, Artaş is responsible for securing permits, carrying out construction, and managing the marketing and sales process, while project revenues will be shared between the two companies.
According to the EIA application, the mixed-use complex will include residential, office, and retail components designed to create a modern urban living and business hub. The project will also feature social amenities, parking facilities, landscaped areas, and supporting infrastructure.
Construction is expected to begin following the completion of the environmental approval process and the issuance of the necessary permits. Once completed, the development is expected to become one of the largest mixed-use projects currently planned for Istanbul’s European side.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök