UK developer Modus Properties, in partnership with Nova Imobiliare, are on course to build the largest retail and leisure destination in Bucharest, Romania. The developers are planning to create 162,000 m² of mixed retail and leisure space, named The Colosseum Center, and have already secured a signing from top European retailer Carrefour, whose store will be 15,000 m² in size. Phase one of the €450 million scheme, which is the 54.261 m² retail park, is due to open in summer 2009.
Brendan Flood, Managing Director, Modus said: 'Being one of the largest cities in Europe, Bucharest has huge economic potential. We began looking at land to develop in Romania over three years ago, when the prospect of EU membership made the investment extremely appealing. The Colosseum Center will be the biggest shopping destination in Romania, but not only that it will become one of the most attractive shopping destinations in Europe. The Colosseum Center, through attention to design detail, will create a unique experience and become a precedent for shopping centres across the continent.'
Located in the affluent North West of Bucharest, Romania's capital city, the scheme will offer shoppers an exciting and contemporary design. The Colosseum Center will include many unique features and a modern tenant mix, and it will be run by an experienced marketing and management team.
In addition to this the center will house high quality shopping destinations with many famous European retailers, a 16-screen cinema, restaurants, bars, coffee shops, family play areas and a bowling alley. The center will also benefit from 8,000 car parking spaces, of which over 1,000 will be within the basement, with direct access into the retail mall.
Modus will also develop the local infrastructure to the site. Over £20.2 million (€30 mln) is being spent on improving the highways and infrastructure to the scheme, including a new three lane highway to the center to ensure swift entry into the site. The scheme will also have a brand new bus station and tram station providing easy access for the majority of the residents of Bucharest.
Source: Modus Properties