Millions Arrived at Badel: Is the Construction of 800 New Apartments Being Prepared?

In the area of the former Badel factory in Sesvete one of the larger residential and business projects in that part of Zagreb has been planned for years. Apartments, business facilities, a kindergarten, a square, a park, and new roads have appeared in various versions of the project, but its realization has been stalled for years due to an unresolved spatial planning framework.

Now, two things are happening almost simultaneously that bring Badel back into business focus. The City of Zagreb, through amendments to the General Urban Plan of Sesvete, proposes the removal of the obligation to create a separate urban development plan for that zone. At the same time, Sesvete Park, a company that according to its own previous statements controls 93% of the land in the Badel Zone, issued corporate bonds with a nominal value of €7.425 million.

This does not yet mean that construction is starting, but it raises the question of whether the project is entering a new phase after years of waiting. The investor did not respond to inquiries from Lider.

Bonds mature in 2029.

According to the decision of the Central Clearing and Depository Company from September 4, the bonds of Sesvete Park were included in the depository on September 7. The total nominal value of the issuance amounts to €7.425 million, and the maturity date is September 7, 2029. This is, therefore, a three-year debt financing.

The issuance comes after significant balance sheet restructuring. At the end of 2025, Sesvete Park had about €7.4 million in assets, €8.59 million in liabilities, and negative equity of approximately €1.19 million. A year earlier, almost all of the debt was long-term, around €8.06 million, while during 2025, almost the entire amount shifted to short-term liabilities.

The new issuance corresponds in amount to a larger part of those liabilities, thus opening the possibility that part of the money will serve to refinance earlier project financing. However, it is not known to whom the company owes the largest part of the money or how much of the funds will end up in the development of Badel. The investor did not respond to those questions.

From 300 to 800 apartments

The story of the new Badel has lasted significantly longer than that of Sesvete Park. Production at that location ceased in 2009, and the City developed a project program in 2017 that then envisaged approximately 300 apartments, public and green spaces, a square, and a park along the Vuger stream. A year later, the preparation of the Urban Development Plan for the Badel Zone began, but after a public discussion and numerous changes, the plan was not completed. This created a planning bottleneck that has prevented the realization of the project for years.

Sesvete Park was established in 2021, and at the beginning of 2022, it purchased the private land of the factory from TPV, a real estate company then owned by Ivan Vučković, the former owner of Badel, Labud, and Kutrilin TPV. The following year, it also took over the rights and obligations related to the financing of the Urban Development Plan. At that time, there was talk of approximately 400 apartments.

By 2025, the project had significantly grown: on an area of nearly 51,000 square meters, around 800 apartments were planned in about ten building volumes with underground garages, along with a kindergarten, business and commercial-hospitality facilities, a square, a park along the Vuger, and a new intersection on Zagrebačka cesta. Compared to the city program from 2017, which envisaged approximately 300 apartments, this is almost a threefold larger residential project.

Sesvete Park, at least earlier, was not necessarily seen as the final builder of the entire settlement. The then-director Marko Ćurković stated in 2023 that the company was preparing the space and infrastructure, while the settlement itself could later be built by another investor or several of them. His successor at the helm of the company, Jakov Kolega, stated in 2025 that Sesvete Park controls 93% of the zone, but also that the project is still in the initial phase precisely because of the spatial plan.

Therefore, the number of 800 apartments should not yet be taken as final. This is the version of the project presented so far, and its final scope will depend on spatial regulations, permits, and the final project.

The City is trying to remove the planning obstacle

A significant shift occurred here in 2026. The City of Zagreb, in amendments to the General Urban Plan of Sesvete, proposes that the obligation to create a separate Urban Development Plan for Badel be removed and that future interventions be allowed directly according to the detailed rules of the General Urban Plan.

The process of amending the General Urban Plan underwent a repeated public discussion during the summer, and its adoption is expected by the end of the year. The revised proposal includes two new roads, a mixed and predominantly residential zone, public and social purpose space, a pedestrian axis, and a park along the Vuger. In the predominantly residential part, construction of up to five above-ground floors is envisaged, while in the other part of the zone, two spatial accents of up to 12 floors are also allowed.

Sesvete Park attempted to change some of the proposed construction parameters during the public discussion. The company requested in March that in part of the Badel Zone, the share of housing be allowed up to 60% and that a recessed sixth floor be allowed in the predominantly residential zone, but the City did not accept those requests. They also sought a reduction of the norm from 50 square meters of building plot per independent usable unit to 30 square meters or its removal. The City partially accepted that request and reduced the norm to 40 square meters.

Who is behind the project

A broader circle of co-owners stands behind Sesvete Park. Among the members of the company are Željko, Marko, and Ivica Udovičić, Damir Poljak, Josip Ćurković, Željko Lukač, Darko Glad, Zoran Salopek, and Maverick Wealth Management, while the director is Jakov Kolega. Among the owners, there are also numerous previous business connections through Šted-invest, Mibor, Sesvete logistics, and other companies.

According to available data, Sesvete Park has no employees.

After years of stagnation, 2026 could be pivotal for Badel. The City is trying to remove the spatial planning obstacle that the investor has cited for years as the main brake, while Sesvete Park is simultaneously securing €7.425 million in new three-year financing.

This is not yet an announcement of the start of construction, but the amendments to the General Urban Plan could finally open the way for the realization of Badel. Whether it will be developed by the current owners, new investors will enter the project, or the prepared project will be sold remains open for now.