Sun, Jul 05 2009
On March 15 the construction of a new residential complex will be launched in Bulgaria's capital of Sofia.
Residential Park will be built on 235 000 sq m and upon completion will feature more than 900 residential units, Bulgarian news agency BTA reported.
Sofia mayor Boiko Borissov will attend the March 15 ceremony together with Bavarian minister of economics, transportation and technology Erwin Huber. German Lindner Holding is investor in the project.
The complex will be of closed type and will be located in the southern part of Sofia, in proximity to Vitosha Mountain.
Residential Park is part of the Sofia Park project.
Houses part of Residential Park can accommodate 2000 to 3000 residents. The complex will also have parks, gardens and sports facilities. Other planned facilities include a service centre featuring conference hall, kindergarten, swimming pools, retail area, kindergarten, pharmacy and a supermarket.
The project will be financed by the Bulgarian Bank for Development, and the Joint European Support for Sustainable Investment in City Areas, or Jessica Programme, although the report has so far failed to reveal the total cost of the vast enterprise.
The strategic plan envisages the conservation of the nature "for decades ahead", and it was formulated by a municipal team headed by professor Ivan Nikiforov, backed by Prime Minister Sergei Stanishev.
Once the overhaul and reconstruction of the Sofia–Vidin line is complete, it will cut travel time to three hours, as the train will be able to reach speeds of up to 160 km/h, shortening the journey to three hours.
Marriott however has made it clear that is not interested in investing in construction, but rather to occupy and manage existing buildings. Its strategy is to obtain management contracts.
Investors realise that it’s not viable to have a building remaining empty over the course of a year – so it's better for them to employ more flexibility to offset that loss.