Two Romanian investors are going to develop a commercial gallery, in the southern part of Bucharest, entailing investments that could reach beyond 20 million euros.
The project, called Vitantis Shopping Center, will encompass a total area of around 30,000 square metres, according to Activ Consulting real estate firm, the exclusive broker of this project.
The project is located in the close vicinity of the Vitan car fair. The developer of the project is Vitantis company, controlled by Florin Enache and Eugen Stanculescu, in line with Trade Registry data.
The investment related to the project is likely to top 20 million euros, considering the built area of the project, according to real estate market estimates.
The project will unfold in two stages, with the first due to be finalised in the last quarter of this year.
The first development stage of this project will involve Praktiker, the DIY store network, according to Activ Consulting.
The second stage of the project is related to building a commercial gallery and a hypermarket, on some 8 hectares of land.
The cumulated area of commercial outlets operating in Bucharest is estimated at around 170,000 square metres at present, but is expected to exceed 500,000 square metres over the next two years.
Another commercial project being developed in the southern part of Bucharest is the Sun Plaza, developed by the EMCT company.
Works related to this project are due to begin in the first half of this year.
Investment funds operating on the domestic market are already interested in the project, which is likely to have involved investments of up to 100 million euros by the moment it is finalised.
The central-southern part of the capital city also hosts the CityMall and Bucuresti Mall (the first modern commercial complex in Romania).
Constructed on the site of a former “circus of hunger”, City Mall, has a 38,000sqm built area, and commercial spaces make up about 24,500sqm.
By comparison, Bucuresti Mall, the first mall-type commercial complex in the capital city erected on the site of another former “circus of hunger”, has a total built area of over 50,000 square metres, of which the net area exceeds 26,000 square metres, with invested finances topping 35 million dollars.
The rising number of malls will bring a record number of retailers from abroad.
Vitantis Shopping Center
* To be located in the southern part of Bucharest, close to Vitan car fair
* To have a 30,000sqm total build area
* Activ Consulting, broker of the project
* Project developed by Vitantis, controlled by Florin Enache and Eugen Stanculescu
* Investments are likely to exceed 20m euros
* Will be developed in 2 stages