Valid construction permit granted for Paris Department Store, Budapest
ORCO Property Group received the official construction permit for the Paris Department Store project, reconstruction works can begin at the site.
The new building is expected to open its gates to the public in the H2 of 2008, offering a total leasable area of 5.425 square meters for upscale retail and offices. As one of Andrássy Avenue's architectural landmarks, the building is a UNESCO World Heritage site and for decades it was considered as Budapest's gem being the first department store in Hungary offering exceptional customer service.
The characteristics of the neighborhood and the uniqueness of the building in terms of architecture and its services left everlasting memories in the city's inhabitants. This is also why the reconstruction of the building is drawing so much attention. The building's technical upgrade is based on detailed historical researches. The restoration of the facade and the Lotz Hall on the first floor will enable to regain the landmark's original splendor, however, thanks to the up to date internal architectural solutions and fresh elements, the building will satisfy present day demands.
„ORCO is delighted that we can now start construction and restoration works at Paris Department Store. The co-operation with the city's Authorities has been very pleasing for us and we now look forward to transforming this landmark building into a modern beacon for the people of Budapest. Upon completion everyone can enjoy with us the historical grandeur of the building and our transformation of it into a modern building for tomorrow” said Iain Sellers, Managing Director of ORCO Hungary.
While the first two floors of the Paris Department Store will house executive retail units, the top five floors of the building will host one of the most prestigious business addresses in Budapest offering class „A” flexible office space. With the renaissance of the building the elegant location will fit the needs of luxury fashion brands that are not yet recognized in Hungary, while the office area is ideal for those companies that wish to have a prestige headquarter in Budapest's most elegant avenue. (press release)
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