Placemaking Project by Marek Noetzel, COO of NEPI Rockcastle
NAME OF PROJECT: Promenada Mall Extension, Bucharest
DEVELOPER: NEPI Rockcastle
OWNER: NEPI Rockcastle
PROJECT HIGHLIGHT: Bucharest’s Promenada Mall is receiving a 55,000 sqm GLA mixed-use extension – a total investment of c. 300 million euros in the biggest retail development in CEE. The development – with around 40% of the new retail space already preleased – will have the most technologically advanced cinema in Romania.
The Promenada Mall extension project meets the strong demand for space in the heart of the Romanian capital’s business district and most affluent neighborhood from international retailers, with about 40% of GLA already preleased by the end of February this year. Zara and Peek & Cloppenburg, for example, are taking the opportunity to create new flagship concept stores by transferring to the extension from their premises in the existing Promenada Mall building.
NEPI Rockcastle is creating a dynamic new expanded retail, work and leisure destination for Bucharest by combining the retail offering with much needed sustainable modern office space and a four-star international business hotel, for which we are currently selecting an operator. The crucial entertainment element to attract the crowds will be anchored by the most luxurious and technologically advanced cinema in Romania and the only one with reclining seats, operated by Cinema City.
The entertainment offering also encompasses a state-ofthe-art theatre, designed to showcase world class productions to the same level of cultural excellence seen in London or New York, as well as a 2,000 sq m playground area. Gym operator World Class, already present in Promenada Mall, will relocate to the extension as well, tripling their current floor space and adding a swimming pool to the concept. The project, which involved excavating the deepest building basement in CEE, at 26 meters, to accommodate 2,400 car parking spaces over six levels, presented a significant engineering challenge due to the construction site’s complex geological profile, which includes sand, clay, and gravel.
The Promenada Mall extension is the largest single project within NEPI Rockcastle’s estimated 1.0-billion-euro pipeline of developments, extensions and refurbishments across its portfolio over the next four years. This represents a big vote of confidence in the CEE economies and retail markets which NEPI Rockcastle believes will continue to solidly outperform Western European markets for the foreseeable future.
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