Surrounded by former slums, Piyalepaşa, Bomonti and Dolapdere could become one of the most attractive centers in Istanbul, drawing the attention of domestic and foreign investment groups.
Domestic real estate groups are bargaining with shanty house owners who are situated on the Piyalepaşa, Bomonti, Dolapdere line. And some groups are even investing in shanty houses in Hacıhüsrev, the most famous slum area in Istanbul.
Kasımpaşa and Kurtuluş, two of Istanbul’s oldest districts, are getting a great deal of attention from investors. Piyalepaşa, Bomonti and Dolapdere are dynamic areas in Kasımpaşa and Kurtuluş and have become the recent favorite places for investment.
The most noteworthy project on the Piyalepaşa, Bomonti, Dolapdere line is the "7 Tepe, 7 Tünel" (7 Hills, 7 Tunnels) project which was developed by the Istanbul Metropolitan Municipality. The main goal is to reduce the traffic in local districts of Istanbul with tunnel systems. The project increased property value and activated infrastructure investments in the area. Some forthcoming plans for the Kasımpaşa, Dolapdere, Bomonti, Piyalepaşa line are the Tarlabaşı urban regeneration project, Piyalepaşa tower line and the tunnel projects.
The new face of Hacıhüsrev
Hacıhüsrev, a famous Roman settlement, is going to change its face. Hacıhüsrev, a district in Beyoğlu, derives its name from Hacıhüsrev Street. The area is between Hacı Ahmet Bostane Street and Piyalepaşa Avenue. The district of Hacıhüsrev’s name was changed to Istiklal with the demand of citizens in 1991.
According to a rumor, the Hacıhüsrev name originates from the figure, Hacıhüsrev, who is said to be the architect of the historic story of transferring ships on top of greased logs to Haliç via land during the conquest of Istanbul. If such a rumor is true, than this district traces back to the Ottoman times.
The mansions of captains and civil servants who offered services at Kasımpaşa shipyard were also located in Hacıhüsrev since it is more spacious than other areas. Most of the mansions and waterside residences did not survive after the 1940s. The gardens and grasslands, covering up the foothills of Hacıhüsrev, were favorable recreation spots.
Shack building started in the 1950s and continues today. The density of shanty houses in Hacıhüsrev is lower than other shantytowns, but it is known for its high crime rate. It was said that the security problems will be solved with the modernization of Hacıhüsrev. Now new, luxurious residences in Piyalepaşa are drawing attention to Hacıhüsrev.
Increase in land values
In Bomonti and Kurtuluş, construction firms are building new residences. Anthill Residences is one of the lowest-priced residence projects in Istanbul. In virtue of this project, the land values on Piyalepaşa Avenue will also rise. A skyscraper group is going to build on Piyalepaşa Avenue, just like in Gayrettepe and Esentepe. Even now, residence projects’ construction can be seen. Memorial MiddleIst, Cevahir Otel and Perpa plan to construct giant, attention-drawing towers. The construction firms are hunting for slum houses whose land value will sky-rocket as a result of the residence projects. The Elysium Residence, Ofton İnşaat’s project, takes the lead in change. Ofton İnşaat’s investments attracted the attention of investors and construction firms to Piyalepaşa, Bomonti and Kurtuluş.