The construction of the 100 mln euro retail and entertainment complex Orchid Mall Varna will start in the fall of 2007, said project head Eli Egosi on Monday. The investor in the 150,000 sq m facility is Orchid Developments, a property developer and hotel operator in Bulgaria. Orchid Mall Varna, due for completion by the end of 2009, will comprise 35,000 sq m of retail space and will feature offices, multi-level parking and a residential wing.
The end of 2009 is also the launch target for another large-scale retail and entertainment complex in Sofia. The 80 mln euro Bulgaria Mall project is also overseen by Egosi. London Sofia Properties and Salamanca Capital Investments each have a 50% share in the consortium funding the project. The retail component of the Bulgaria Mall, located on Sofia's south-bound boulevard of the same name, will have an area of 25,000 sq m. The building will also incorporate office premises and parking facilities. Both malls are designed by U.S. firm Moore Architects.
Property consultants Colliers International have the exclusive agency contract for both malls. In related news, it was announced that local company Cinema Arena 2005 will invest 20 mln euro in a retail and entertainment complex in Stara Zagora, Southern Bulgaria. Construction is scheduled to begin in March this year with hand-over seen by mid-2008.