Multi Development Ukraine LLC will start the construction of the Forum Lviv shopping center in the inner city of Lviv, today. It is Multi’s first shopping center in Ukraine and it will be one of the most prestigious retail projects in the country.
Multi is developing Forum Lviv together with two experienced Ukrainian real estate partners, Galereja Centre and Bud House Group. Forum Lviv covers an area of 69,000 m² with retail, restaurants, entertainment, a cinema and an underground car park. The EBRD (European Bank for Reconstruction and Development) and UniCredit are responsible for financing the construction of the project. The opening of Forum Lviv is planned for the first quarter of 2015.
‘We are proud to partner with Multi, assisting its entry to the regional city of Lviv, and to revitalize and regenerate the former industrial brown-field site in the heart of the city. Forum Lviv will represent a substantial investment into the revitalization of the city center, creating a new commercial and recreational focus point in the city and stimulating further investment in Lviv’, said Claudia Pendred, Director Property and Tourism at EBRD.
Forum Lviv is being built in the center of the city, within walking distance of the main square and the famous opera house. The building will have four levels: an underground parking area, two levels with shops, and the top level with a cinema, a leisure center and restaurants with an outdoor terrace. This terrace offers magnificent views over the city. Multi has already leased more than 70% of the shop units to major Ukrainian retailers such as Amstor (supermarket), Comfy (electronics), Brocard (perfumes) and international retailers including Reserved, Marc O’ Polo, Ecco, Geox, Timberland, Pandora and Urban United. Lease agreements have recently been signed with Igroland (children’s amusement center) and Planeta Kino (cinema). The underground car park with 620 spaces is the first large-scale parking infrastructure in the center and thus a first for Lviv.
Lviv, which lies near to the Polish border, is the cultural and economic center of Western Ukraine. The city has more than 700,000 inhabitants and plays an important regional role. The center was incorporated into the UNESCO World Heritage List in 1998 and dates mostly from the Habsburg period. Lviv is increasingly popular with tourists, also due to the successful organization of Euro 2012 in the city.
‘Multi’s first shopping center in the Ukraine is the result of the dedication and commitment of our team, our Ukrainian real estate partners and the financiers. We consider it a privilege that our first project in the Ukraine is in the beautiful city of Lviv. The development has had a long lead time and the start of construction is an important step forward for Multi Ukraine. The fact that more than 70% of the retail space is already leased confirms that we were right to have confidence in our project’, said Heino Vink, Multi Corporation CEO.
Multi’s in-house design group, T+T Design, is responsible for the design, while the Lviv office of architectural firm Tebodin is responsible for the technical execution. The architecture is characterized by a harmonious balance of historical and modern elements, respecting the character of the city of Lviv. In addition, solutions were found to incorporate the shopping center within the existing street plan and to strengthen pedestrian routes in the city center. In this way, the shopping center will play an important role in promoting development in the surrounding area.
The development of Forum Lviv will transform what was previously an industrial area into an attractive shopping location. This is important in helping to revitalize the city center, strengthening customer flows and spending. Forum Lviv will create over 800 permanent fulltime jobs, thus making an important contribution to employment in the area. Multi aims to obtain BREEAM certification for every project. For this reason, Multi is using the services of Key Group to lead the design and construction process, so that Forum Lviv will be the first project in Ukraine to be attributed with a BREEAM certificate.
Source: Multi Development