This leaflet stated that the project was being built on the surface of the former military base "Bubanjski heroji", which originated in the Ottoman era.
"Clean Earth Capital" director Filip Bej said that the "Hero Bubanj" base was the first military base sold in Serbia at public auctions.
New York Times said that the company had invested around 8.5 million euros in the project so far and plans to invest another 10 million euros next year.
However, as the newspaper warned, companies will have to find more funds, because it is estimated that the project will need around 140 to 180 million euros.
The planned construction deadline is 2024, and around 14 hectares must be provided by technical faculties, hospitals and regional art centers.
The company also reached an agreement with Nis authorities to build around 24,000 square meters of housing, which would belong to the army.
Hey, he said New York Times, not the only businessman who saw the benefits of Niš, and only one of the many investors who invested around 220 million euros in the city in the past six years.
Bay also believes that Nis can become Serbia's new "urban center" because of its strategic location.
He hopes that "Novi Niš" can also launch other development projects in the area.
The project continued in the early stages of construction and demolition of 28 of the 32 military buildings on the surface of the base which lasted several months.