ADVERTISEMENT

ECE to build mixed-use city quarter in Budapest

Sights

pexels

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.

Image: Pexels

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.

ADVERTISEMENT

Rate-setters augur slower decline in CPI in 2022 Analysis

Rate-setters augur slower decline in CPI in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.