Italy-based Preatoni Real Estate, a subsidiary of Preatoni Group, has completed the project formerly known as Dubai Star, four years after its initial developer renounced the planned 45-story skyscraper in Dubai’s Jumeirah Lake Towers (JLT) following the 2009/10 economic crisis, Invest-Gate reports.

Construction on Dubai Star, which has been renamed Preatoni Tower, reached 38% before coming to a halt, putting more than 400 local and international buyers at risk of losing their investment, according to an official statement on January 7.

However, Preatoni took over the project in 2014, with the support and cooperation of local authorities, Dubai Land Department (DLD), and the project’s original investors, pumping in more than AED 50 mn.

Featuring 554 units and covering a total area of 600,000 square per foot of residential and commercial spaces, the mixed-use project is located at the upmarket JLT cluster L and is expected to be ready for occupancy in Q1 2019.

Ernesto Preatoni, chairman of Preatoni Group, said the investors’ vision had “finally come to fruition,” underlining that the decision to take over the stalled project reiterated Dubai’s image as a “safe investment hub.”

“We have not only completed the project as initially intended, but we have also added our signature Italian touch to the tower. Our years of experience and expertise in property development has been the driving force towards the completion of this momentous project,” Preatoni added.

The Preatoni Group has overseen world-class real estate projects across the globe since setting foot into the market, including Italy, Switzerland, Russia, Baltic nations, Egypt, the US, among others.