"This is something that you would not see in Southeastern Europe," Jovica Jakovac, managing director of Colliers International Serbia, explains to Globest.com. "Once it's developed, I think you will definitely see a new standard set for investors and developers in Novi Sad." Vondel's site at the corner of Narodnog Fronta and Shakespeare Street was acquired in December 2007 from the government, which had used it as a parking lot. The land abuts a city park and is just 200 meters from the Danube River.

Vondel's Park City project, coming out of the ground in one fell swoop, will consist of a trio of eight-story residential buildings with 230 for-sale apartments; a 6,000 m2 [64,583 sf], eight-story office building; 11,000 m2 [118,403 sf] grocery-anchored shopping center with high-end boutiques and local retailers; and 320 underground parking spaces. Jakovac predicts the custom-built apartments, with one to four bedrooms, will be at least 90% presold before the project comes on line in late 2009 and the retail and office components "will be 100% preleased."

[IMGCAP(2)]Jakovac says residential prices range from 1,800 euros per m2 to 2,200 euros per m2 [$2,805 per sf to $3,428 per sf]. Office space will be marketed for 16 euros per m2 to 18 euros per m2 [$24.90 per sf to $28 per sf] while the retail rate will vary. "We've got letters of interest, but not any letters of intent," says Jakovac, whose team is marketing all Park City components.