ParkLake Plaza developers cut 40,000 sqm off the future mall, construction to begin this summer

Irish company Caelum Development, controlled by the Sharkey family, has secured the construction permit for developing ParkLake Plaza mall on the plot of former Spartac sports base in the Bucharest district of Titan, with construction works set to start in July this year.
The mall will, however, not be the biggest one in Bucharest, with a lettable area of 110,000 square metres, as Caelum announced three years ago. Retail spaces covering a lettable area of 67,000 square metres will be built in a first stage, with a 12,000 square-metre extension to be built subsequently.
In April 2008 Portuguese company Sonae Sierra announced it would enter into a partnership with the Irish to build this mall, but the partnership is currently uncertain.
“Because the project has been rethought and the design redone, the terms of the partnership with Sonae Sierra are currently being discussed as well. Talks have yet to be completed, so we cannot provide more details,” Caelum Development representatives told ZF.
The mall is currently 35% rented out in advance to Cora, Cinema City, Pure Fitness, Flanco, Douglas and other retailers, with completion scheduled for 2013.