Fire Capital Fund, a real estate PE fund, has formed a venture with the Arcor Group of Nagpur to launch an integrated township in the city. The project, called FIRE Arcor, will see a total outlay of $250 million with the PE fund holding a 75% stake in the project, reports Economic Times. The project will have more than 6 million sq ft of built up area and the township will be called ‘The Empyrean’.
The project is being tipped as the largest FDI promoted project in Central India. The township will be developed by FIRE Arcor Infrastructure Pvt Ltd, a joint venture company formed between Fire Capital and Arcor group. The complete project is expected to be completed over the next six years, with Phase I getting delivered in next 24-30 months.
The Empyrean has been planned by Hong Kong-based architectural firm Aedas and will offer 5,000 residential units. These will include villas, row houses and affordable apartments. The project is also expected to create more than 2,500 jobs, including direct and indirect.
The project is located at Kothewada on the outer ring road, just adjoining the MIHAN project, in Nagpur. Empyrean will also have shops, schools, commercial /office towers, banquet halls, lifestyle based clubhouse, hospital, a hotel.
Fire Capital is managed by Om Chaudhary, who was earlier a partner at Feedback Ventures. The fund has made investments in cities like Chennai, Bangalore, Indore, Jaipur and Ahmedabad.