The main structure of the Árkád Örs vezér tere 2 shopping mall in Budapest has been completed, and today the topping out ceremony was held for the construction workers and everyone else involved in the project. The mall will offer 20,000 m² of rental space on three floors, and is due to open its doors to the public in March 2013.
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The mall will offer 20,000 m² of rental space on three floors.
After that, modernization work will start on the Árkád 1 mall, which is scheduled to last until September 2013. Once both buildings have been completed, the total rental area of 68,000 m² will make them the largest retail area in Hungary with space for around 200 stores, cafes, restaurants, and other service providers as well as more than 1,600 parking spaces for visitors.
Árkád 2's investors consist of ECE / the Otto family and a DWS closed real estate fund. The total investment in the shopping mall amounts to around 80 million. ECE is responsible for long-term management and leasing at both the Árkád 1 and Árkád 2 malls, and has put together a balanced mix of tenants from various sectors including a number of fashion labels and restaurants offering a variety of cuisines.
The main tenants include, among others, Van Graaf, Kölyökpark (indoor playground) and iStyle, with Interspar, Hervis, Libri, Marionnaud and Vodafone also opening up stores as well. Shoe store Deichmann is even doubling its retail space.
The modernization work at the Árkád 1 mall will include an expansion and refit of the food court, while the shopping areas themselves will be redesigned. Around 70 stores have already been modernized, and other store modernizations are to follow over the coming months.
The Tally Weijl, Terranova and H&M stores have all been completed, and H&M also took advantage of this opportunity to double its retail space. Hungary's first-ever Lego monobrand shop will also open its doors to the public in mid-September of this year.
Source: ECE
