Construction work on the shopping center Árkád II in Budapest (Hungary) has started. Árkád I located at the Örs vezér tere square was opened nearly 10 years ago. The center's economic success convinced the investors ECE / Otto family and Deutsche Bank to start the construction of the neighboring Árkád II.
The Árkád II shopping center, ECE's sixth center in Hungary, will open in spring 2013. Afterwards, modernization works will follow in Árkád I. Overall completion is scheduled for fall 2013. Both buildings will then house more than 200 specialist stores, cafés, gastronomy and service businesses on a total retail space of 68,000 m². More than 1,600 parking spaces will be available for the visitors.
Nearly all current tenants in Árkád I have already renewed their contracts. The construction of Árkád II as well as the restructuring of Árkád I allow the introduction of numerous new businesses. In the course of this, the range on offer for adolescents and families is to be clearly expanded. Moreover, Interspar, Hervis, H&M, and Deichmann will increase their sales areas in Árkád I. Additional restaurants and cafés will strengthen the locations gastronomical competence.
General contractor for the construction works is the company Market Epito Zrt., with which ECE has recently successfully completed the construction of the shopping center Árkád Szeged. Management and leasing of the Árkád I and Árkád II will be taken over by ECE.