Explore our latest research and best practices
For Members Only
Connect with members around the world
Find ULI opportunities to lead and volunteer
Location: Ivano-Frankivsk, Ukraine
Promprylad.Renovation is an innovation center on the premises of an old plant in the downtown of Ivano-Frankivsk, Ukraine. When renovated, 36 205 m² will foster synergy of business and social initiatives focused on new economy, urbanism, art, education in the region. Designed as an impact-investment project, it applies crowd investment approach and unites small, medium and large co-investors who contribute to social transformations in the region and get a return on investment in the form of dividend payouts. Until now 24% of the project budget ($6,7 million) has been raised with 735 investors involved. As a business, Promprylad.Renovation is a multifunctional commercial property aimed to generate income from (1) renting office (37% of the center) and special purpose space ; (2) hotel complex operations; (3) sales of tickets to events, short-term renting of exhibition and conference facilities; (4) operational project activities. To sustain crosscutting synergy 30% of profit from the Promprylad.Renovation operations will be channeled into the regional development projects in the sectors mentioned above (forecasted 3.7 million USD of total operational profit). 30% of the renovated space (~ 11000 m²) is allocated for non-for-profit social/ public functions. The Pilot Floor (of its 4 phases total) of Promprylad.Renovation had already been implemented in 2017-2018 thanks to a number of partners who joined the efforts. Almost 2000 m2 of office space were renovated with 1,3 mln USD funding and transformed into 16 spaces behind the glass walls with 12 operators of various kind, including the Investment Policy Department of the Executive Committee of Ivano-Frankivsk City Council, Coworking Space, Conference room, Detector Art Gallery, MultiMedia Lab, Children Roboclub, Mixstyle Dancing School, Metalab Urban Laboratory. The Pilot Floor is a testing ground for the project’s ecosystem approach to be further scaled up for the entire project when fully operational in 2024 .
As a result Promprylad.Renovation was awarded the UN Global Combat Network Ukraine 2018 Partnership for Sustainability Award that strives to set an example how – through joining efforts of stakeholders at different levels – changes can be implemented that shape supporting ecosystems for needed societal transformation.
Don’t have an account?
Sign up for a ULI guest account.