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"New York Times" wrote in the print edition of today's project "Novi Niš", implemented by the American company "Clean Earth Capital".
The Times says the project is under construction on the surface of the former "Drum Heroes" military base, which dates back to the Ottoman era.
The director of Clean Earth Capital, Filip Bej, said that the base "Buban Heroes" is the first military base sold in Serbia at an auction.
"New York Times" indicates that the company has invested about 8.5 million euros in the project up to now and plans to invest an additional 10 million euros in the year. next.
However, as the paper recalls, the company will have to find more funds because the project is expected to require between 140 and 180 million euros.
The planned construction deadline is 2024, and the technical faculty, hospital and regional art center should provide about 14 acres.
The company has also reached an agreement with the authorities of Nis for the construction of about 24, 000 square meters of housing, which will belong to the army.
Bay, according to the New York Times, is not the only entrepreneur to perceive the benefits of the city, he is one of many investors to have invested about 220 million euros in the city at during the last six years.
Bay also believes that Nis could be Serbia's new "urban center" because of its strategic location.
He hopes that "Novi Niš" will also be able to launch other development projects in the region.
The project continued at the beginning of its development and the demolition of 28 of the 32 military buildings on the surface of the base lasted several months.
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