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Hungary: ORCO launches construction of Váci1

Listed property developer ORCO has announced the launch of its “Váci1” fashion and gourmet emporium project in downtown Budapest.

The complex will be constructed in the former home of the Budapest Stock Exchange, on Vörösmarty Square, ORCO said in a press release. Following its restoration and reconstruction the building will provide over 11,000 square meters of retail, dining and lifestyle space. ORCO aims to attract premium and unique retailers giving a tenant mix that will differentiate Váci1 from other retail destinations. There will be a rooftop restaurant with breathtaking panoramas of the sights of central Budapest. It will also provide 6,000 square meters of common areas, the statement reads.

“As in other major cities of Europe the re-structuring of the downtown retail trends will give a new wave to the city centre and also give back the previous prestige of the famous pedestrian shopping street, Váci utca. With the introduction of premium category international brands new to Hungary, customers will have a different, truly unique shopping and lifestyle experience” said András Kovács, ORCO’s Regional Leasing Director.

ORCO notes that the building has been designed to ensure lower energy consumption and environmentally friendly operation. Despite the building’s protected status and the related restrictions, designers have been able to include a third generation heating-cooling system which should reduce the energy consumption by over 25% of a traditionally designed system. (press release)