Increasing foreign investment in Eastern Romania is driving more and more domestic or international investors to start considering the local real estate developments. Thus, in several years time, numerous retail, residential, office and hotel projects will be delivered on the local real estate market.
Bacau is one of the areas having posted an economic surge. Encouraged by the increasing foreign investment in this area and by the higher living standards, Arena City Center will launch the citys first mall-type project.
The developer will start building the Arena City Center in March, with an investment worth 20 million euro, obtained both from the companys own resources and from banking loans. The project is scheduled to be delivered in the third quarter of 2007.
The project will be developed on the location of a former footwear factory and will be built on a total area of 30,000 sqm, says Ovidiu Budeanu, chairman of Arena City Center.
Location-wise, the project is situated in the most populated residential area in Bacau, the Nord district, which hosts some 30% of the citys inhabitants. Arena City Center is on Stefan cel Mare Blvd., Bacaus second most important avenue, after E85 and the main access road to Piatra Neamt.
The retail space in Bacau is currently very scarce, with the only options being the locations offered by the ground floor of apartment buildings or the spaces from the old Luceafarul general store, which has been recently renovated. However, supply fails to meet demand from the retailers, which are in search of quality, central, easily-reached spaces, adds Florina Cojocari, Senior Broker with the Retail Department from Eurisko, exclusive agent for the project.
Eurisko has a wide experience on this segment of the real estate market and, recently, received international appreciation for its professionalism through the affiliation to International Council of Shopping Centers (ISCS), the most important organization in the field of retail centers.
Arena City Center will offer 150 stores and a net area of 20,000 sqm.
In terms of coverage, the mall has a catchment area of more than 1 million people, including Bacau county and the following cities: Piatra Neamt, Vaslui, and Barlad.
Inside, Arena City Center will provide a relaxing and elegant shopping experience, as it will be in line with the latest European standards. The complex will have a state-of-the-art air conditioned system, green spaces, ambient music, security services, attractive and functional interior design.