On Monday, May 15th, the Serbian government signed an agreement with the American company Affinity Global Development to revitalize the former General Staff complex in the heart of Belgrade. The project, backed by Jared Kushner, son-in-law of former US President Donald Trump, has stirred controversy among the Serbian public.
Under the terms of the agreement, Serbia will lease the prime real estate to the American company for 99 years without compensation. The investor plans to transform the site into a luxury development featuring a hotel, office spaces, and over 1,500 apartments, with two skyscrapers at its center. The deal also includes the construction of a memorial complex dedicated to the victims of the 1999 NATO aggression, to be financed by the investor but owned and managed by Serbia.
Critics argue that Serbia will not benefit from this investment, as the country is essentially giving away valuable land in the city center for almost a century. Milan Kovačević, a consultant for foreign investments, estimates that the land alone could be worth more than $166 million, based on the total investment value of $500 million reported by the New York Times.
Concerns have also been raised about the preservation of the General Staff complex, which is protected as a cultural monument. The investor’s plans, as showcased on social media, suggest that the authentic appearance of the complex may not be maintained.
Despite these concerns, Minister of Construction, Transport and Infrastructure Goran Vesić has defended the agreement, emphasizing that the land will remain the property of Serbia and that the revitalization will contribute to the development of Belgrade and the country as a whole.
“We will restore the building 25 years after it was destroyed in the bombing. In a quarter of a century, no one, before this government, thought of renovating the complex. When this space is revitalized, it will contribute to the development of Belgrade and Serbia,” he said in the statement.
Information for this story was found via the New York Times, Politico, Nova.rs, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
