CD Capital Partners and Benevo Capital Corporation have received the construction permits for the Victoria City Center development. CD Capital Partners and Benevo are developing the center through a joint venture. Demolition works on the site have already started and construction is scheduled to start in 2011. The planned delivery date is in spring 2013.
The first phase will comprise a 60,000-sqm GLA shopping center and entertainment facilities with more than 200 retail shops and restaurants and an eight-screen cinema. Approximately 1,800 parking places will be available both underground and on the roof levels. It will be developed on a five-hectare site on Bucurestii Noi Boulevard, on the former Dacia textile factory site. The total development cost of the first phase will be approximately EUR150 million.
Designed by retail architects Altoon & Porter, Victoria City Center will be linked to the newly built Pajura metro site through a direct connection. The Pajura metro station is expected to be operational by fall of next year. Anchors tenants secured so far include a 10,500 square meter Cora hypermarket and an eight- screen Cinema City cinema.
“We had put the project on hold for 2 years and now that the market is improving, including positive GDP forecasted growth for 2011 and growing requests from tenants, we have started demolition and will begin construction in the fall of 2011. Victoria City Center, will be a dominant first rate 60,000 GLA shopping and entertainment complex at the heart of North West Bucharest. Victoria City Center will be the only shopping and entertainment complex with a metro station located directly on the site,” said Michael Topolinski, president and CEO of Benovo Capital Corporation.
The project has been financed to date by Alpha Bank.