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BUCHAREST- TriGranit Development Corp, plans to develop a euro 1-billion ($1.3-billion) mixed-use scheme in the city center. The 800,000-sm project is said to be the largest in the country since the fall of communism.
The aim is to build a pedestrian area in Downtown Bucharest, with several shopping malls, office buildings, hotels and homes. The development, known as Esplanada, is due to start next year, with the first development stage expected to be finalized in seven to 10 years. The project's first stage comprises the construction of the office buildings, retail spaces and a commercial center, with residential and green spaces to follow.
The Esplanada building complex will comprise office spaces of 210,000 sm, housing units developed on a 90,000-sm area and commercial and amusement spaces covering 120,000 sm. The complex will also have a cultural center of some 30,000 sm, as well as 270,000 sm of parking lots.
"We want to build a symbol for Romania," says Nathaniel Rothschild, chairman of TriGranit Holding Ltd. "When Romania or Bucharest are mentioned this symbol will come instantly to one's mind. Moreover, the complex will represent a tourist attraction and will be another reason for multinationals to invest in Romania. In addition to euro 1-billion in development costs, Esplanada is expected to attract as much as an additional euro 3 billion from Romanian and foreign companies, according to TriGranit.
TriGranit was set up 1997 with American, Canadian, British and Hungarian capital. It specializes in real estate transactions in Central and Eastern Europe.
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