Esplanada and Dâmboviţa Center, two plots to be left undeveloped for many years
Dâmboviţa Center and Esplanada projects were due to be developed
by two of the most powerful billionaires in the region,
Israeli-born Mordechay Zisser and Hungarian-born Sandor Demjan, who
control Plaza Centers and TriGranit firms.
The two teamed up with Romania's Government and Bucharest City Hall
to develop these projects, but the hurdles generated by the real
estate crisis and by these very partnerships halted these
investments.
So far, the biggest real estate projects carried out in Romania
have entailed investments of around 300m euros. Dâmboviţa Center
and Esplanada had three-to five times higher scheduled
investments.
Why will these projects not be carried out in the following years?
Besides funding problems, another major issue is the still low
demand for spaces in shopping centres and office buildings.
"Still, in the next 10 years I'm confident there will be major
projects in Bucharest that should occupy land plots with an
exceptional location such as those of Esplanada or Dâmboviţa.
(...)," says Andrei Văcaru, a retail consultant with Jones Lang
LaSalle.