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