Sun, Nov 22 2009
Developer ZBS plans to begin construction on the first open-air mall in Bulgaria in March 2009, website investor.bg reported on November 10. The investment in the new shopping centre is estimated at 30 million euro.
The Strand mall would be built on a six ha plot near the highway to Sofia, next to a Baumax hypermarket, currently under construction. The open-areas will be built like pedestrian streets and will be covered in bad weather.
Initially planned to open in the summer of 2009, according to ZBS' website, the mall is now scheduled to begin operations in 2010, investor.bg reported.
Designed by British architecture and interior design firm GMW, The Strand's retail areas will total 30 000 sq m, with another 8000 sq m of pedestrian walkways and 26 000 sq m of parking space.
ZBS expects to attract at least 50 international retail chains and has said that it has already drawn interest from companies in leasing retail space. King Sturge was hired to handle all leasing operations.
Open-air malls have returned to fashion after decades of neglect in the 1990s. With lower construction and maintenance costs, it made sense to build such a structure for business reasons, but also because Bulgaria's climate was mild, ZBS investment director Mariella Ostend said, as quoted by investor.bg.
ZBS plans to build open-air malls in Haskovo and Pazardjik as well.
The number of frozen and abandoned mall projects have also risen because of bad economic teams and difficulty in getting loans.
More commercial ventures are put on hold as crisis deepens but some commentators belive that this will lead to more realistic
The Black Sea town of Pomorie has approved a proposal for the construction of a spacious and modern marina, with a capacity of over 600 yachts and small passenger ships.
Over the course of a year, from one of the leaders in Europe in new construction, Bulgaria became one of the countries currently quagmired at the bottom of the table and was now amongst the three worst hit countries, along with Romania and Slovenia.
The park is posed to act as an economic stimulant in the region, creating a modern infrastructural base for companies. It is set for completion by Q3 of 2010.
Both retailers target at least 50 outlets in Bulgaria by the end of 2010.
When will Bulgaria’s real estate and construction sector recover?