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.