Thursday, April 26th, 2007
Developer adds shopping mall to Tsarigradski compound
A 71 mln lev shopping mall will be added to the gated 
under construction in north-eastern Sofia. The company that will develop the mall project, Sofia Building Enterprise, Wednesday was granted a First Class Investor certificate by the local investment promotion authority.
Sofia Building Enterprise, a subsidiary of construction firm Sofia Building Company which is developing the Tsarigradski housing community, is specially incorporated for the purposes of the mall project. The new shopping center is sited in proximity to the outlets of German retailer Metro and Austrian DIY chain Praktiker and to the locations of planned Carrefour and Turk Mall commercial developments.
The Tsarigradski Mall development will have a footprint of 2.0 ha and a total built-up area of 105,000 sq m, including 35,000 sq m of lettable retail space. The office component of the mall will deliver 15,000 sq m of lettable premises. The construction of the mall, which will employ 1,200 staff after completion, should get underway in the fall and wrap in 2009.
Sofia Building Enterprise provides 30% of the project financing with the remainder coming from an unnamed bank. The mall site is part of the land initially designated for the development of the Tsarigradski residential compound. The tenants of the complex will move into their new homes this summer.
The second section of the complex will be delivered in 2008 with all three sections expected to be completed by 2009, providing housing to 4,000 tenants. There are unsold apartment units only in Tsarigradski III with prices starting from 55o euro/sq m. Sofia Building Company is currently scouting for sites for residential construction in Sofia and along the Black Sea coastline.
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