Irish company Caelum Development, controlled by the Sharkeyfamily, has secured the construction permit for developing ParkLakePlaza mall on the plot of former Spartac sports base in theBucharest district of Titan, with construction works set to startin July this year.
The mall will, however, not be the biggest one in Bucharest, with alettable area of 110,000 square metres, as Caelum announced threeyears ago. Retail spaces covering a lettable area of 67,000 squaremetres will be built in a first stage, with a 12,000 square-metreextension to be built subsequently.
In April 2008 Portuguese company Sonae Sierra announced it wouldenter into a partnership with the Irish to build this mall, but thepartnership is currently uncertain.
"Because the project has been rethought and the design redone, theterms of the partnership with Sonae Sierra are currently beingdiscussed as well. Talks have yet to be completed, so we cannotprovide more details," Caelum Development representatives toldZF.
The mall is currently 35% rented out in advance to Cora, CinemaCity, Pure Fitness, Flanco, Douglas and other retailers, withcompletion scheduled for 2013.
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