50m-euro Neocity Mall in Constanta

Neocity Group is to announce that it will start construction works on the City Park Mall retail centre in Constanta, having supplemented the funds necessary for the investment to 50 million euros, from the initial project value of 30 million euros. Neocity officials refused to provide information on the project. The project of the real estate developer, supported by the mayor of Constanta, Radu Mazare, has been thoroughly debated ever since it was launched in 2005. The better part of the proposed retail centre will be built in Tabacarie Park, the biggest green area in Constanta. Constanta already has an opened mall, Tomis Mall, which has been recently expanded by some 16,000 square metres, in addition to the 12,500 initial square metres. Another similar retail centre, which belongs to the Israeli investment fund Poalim Real Estate, is under construction and will be completed in the spring of 2007, after an investment of over 40 million euros. Neocity Group Romania, a subsidiary of the Israeli group by the same name, is best known as the developer of the office buildings Neocity Tower 1 and Neocity Tower 2, which were erected in Bucharest. ZF