WARSAW-Locally-based developer Echo investment is to expand three projects in Poland: its Galeria Echo shopping and entertainment centre in Kielce, its mall in Belchatow and its Galaxy mall in Szczecin. It also plans a mixed-use complex in Krakov, has redesigned an office development in Lodz and launched a novel housing project in northern Warsaw.
The new Galeria Echo in Kielce, southern Poland, the largest shopping and entertainment centre in the region, will have leasable area of about 800,000 square feet and some 300 stores - and the new section, which cost around $140 million, is 95% leased.
In Belchatow, central Poland, it launched construction of Galeria Olimpia, extending an existing Echo mall to 350,000 square feet with about 100 stores. The property is 60% leased and will include a Tesco hypermarket as anchor, and a cinema.
In Szczecin, Echo also bought land from hotel group Orbis to extend its Galaxy mall, the biggest shopping center in west Pomerania, and in Krakov, where it plans a complex of mixed-use buildings. In Lodz, central Poland, it has redesigned its Aurus office development to two 10-story buildings with more than 200,000 square feet of office space, scheduled for completion in 2012.
Meanwhile in northern Warsaw, Echo is developing a ‘garden city’ inspired by 19th century British urban planner Ebeezer Howard. The concept, floated before World War I, has been revived by Echo with its Rezydencje Leśne housing estate in the forests of the Bielany district. Echo is also present in Hungary, Romania and Ukraine.
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