The residential compound will consist of 650 apartments and 3,500 square meters of new retail space.
“The decision to develop housing units came in the context of the mixed-use development plan – retail space, dwellings, offices, leisure – which will be carried out on a long term within the location in Bucharest’s sector 1. The large 60-hectare land, which makes the object of the real estate development, also enables the development of large-scale residential compounds, which will create a new neighborhood, with modern design and functions,” stated Mihai Dinu, general manager of Colosseum.
Dinu also said the construction of the first blocks of flats would start in 2022, depending on the market evolution, and would consist of approximately 160 apartments and 1,000 square meters of street-level retail space. Dinu added the entire project, consisting of 650 apartments and covering 3,500 sqm of retail space, would be delivered in stages, over the course of three years since the start of works.
The Colosseum Center initially opened nine years ago and is currently undergoing expansion works in a EUR30 million investment. Over 85% of the additional area has been leased, and the mix of tenants includes fashion brands, coffee shops, restaurants and types of entertainment. Its current tenants include, among others, Carrefour, Leroy Merlin, Altex, Jysk, Sport Vision, LC Waikiki, Pepco, Animax. Following expansion works, the shopping center will reach a lettable area of 54,500 square meters.
Colosseum officials have recently announced the signing of a lease contract with German retailer Deichmann for the opening of a 500-sqm store, as part of the shopping center’s expansion plan. The opening of the new shopping spaces is scheduled at the end of 2021.
Colosseum is developed by Nova Imobiliare. Expansion works started at the end of 2018 after the developer secured financing of EUR23 million from Credit Europe Bank.