Wednesday, June 6th, 2007
Bulgaria eco ministry holds Tishman commercial park development
The 200 mln euro commercial park near the Sofia International Airport being developed by U.S. company Tishman is being held back by the insistence of the Bulgarian environment ministry that the investor submit an environment impact assessment (EIA) for the project. The project cannot be gain construction approval before all the relevant permits are granted by the environment ministry.
The size of the Tishman development has qualified the company for a First Class Investor certificate and administrative support. The InvestBulgaria Agency, the local investment promotion authority, assisted Tishman in arranging a meeting with the ministers of economy and environment to discuss the problem. Initially, the company was asked to submit an EIA but that requirement was later dropped after it was successfully litigated by Tishman.
The U.S. company was then asked for additional information certifying that the project is safe and meets all relevant environment standards. ‘The requested documents have been handed in and we are awaiting the response of the regional environment protection directorate,’ said Pepa Dimitrova from Tishman’s Bulgarian office. is a multi-purpose mix of office, logistics, storage and hotel buildings located 300 m from the new terminal of the Sofia airport. The commercial park will have a 10 ha footprint and built-up area of 256,000 sq m, including 100,000 sq m of office space, 20,000 sq m of warehouse floor area and 40,000 sq m of hotel premises.
A subway station, providing a transportation link with the downtown and the western-most boroughs of the capital, should open in the vicinity of the commercial park within 3 years. A total of 90,000 sq m of office space will be placed on the market during the initial stage of the project. Some 20,000 sq m of logistics and industrial floor area will be built by the fall of 2007.
30,000 sq m of Class A low to mid-rise office buildings will be ready in the first half of 2008.
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