According to the company, construction of the commercial center will start in the first half of 2009 and completion is estimated in the second half of 2010.
“This is our first investment in Romania and one of the company's largest investments,” said Piotr Gromniak, president of Echo Investment. Gromniak said the company he runs has completed some 80 development projects so far and was underway with others, both in Poland and abroad. “We have developed perfect relations with the local authorities in Brasov and the support we've had from the city hall has been welcome,” said Gromniak.
The company chose Brasov for the project because the city lacks similar commercial developments and provides good traffic from tourism, according to Gromniak. The developer said it had secured 30 percent of the project financing from the company's funds and expects the banks to lend the other 70 percent, following negotiations with financial institutions from Poland and Romania. “I think we will get the financing in April 2009, since the banks will decide not to grant any credit until the end of 2008,” said Gromniak.
The Korona project delivers a total area of 153,000 sqm on four floors and a rentable area of 53,000 sqm for the 240 shops. The development company will also provide the brokerage services for renting spaces within the complex in partnership with the Romanian subsidiary of Jones Lang LaSalle agency.