ECE to build mixed-use city quarter in Budapest
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Commercial developer ECE announced that it will build a city quarter with offices, a hotel, restaurants, and retail on a 35,000-sqm property in the Hungarian capital instead of a shopping mall with the change of plans becoming a necessity due to the "Plaza-Stop" law, Across Magazine reports.
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ECE said that while it had the support of both the cityʼs and the districtʼs authorities, it could not get an exemption from the “Plaza-Stop” law, which heavily regulates shopping mall construction.
In the wake of the situation, the developer and the districtʼs representatives agreed on creating a mixed-use city quarter.
"On the one hand, we very much regret this decision because we already had resoundingly positive feedback for our project from the tenant market," managing director of ECE Hungary, Christoph Augustin says.
"Retail is currently progressing well in Hungary–we were able to increase sales by almost seven percent in the first three quarters alone. However, we see a great opportunity to integrate parts of the planned retail development into our approach to the new concept. And we see big potential for an attractive city quarter at this location," he adds.
Hungarian news site Portfolio.hu says that the project will be located in District III.
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