Real estate developer ORCO’s project VÁCI1 located in the fifth district of Budapest with an entire area of 11,000 square meters is now structurally complete.
The new shopping center will be realized at Vörösmarty tér in the building where the stock exchange once operated. The developer held the topping out ceremony of the building on October 19.
ORCO started the development of VÁCI1 in downtown Budapest during the autumn of 2009. The planned delivery of the building is expected in the autumn of 2011.
Jean-Francois Ott, the CEO of ORCO Property Group emphasized that “VÁCI1 is the perfect example supporting the assumption that new development projects may be started even in the current market situation. There are numerous foreign examples which confirm our standpoint that the loophole of the retail market from the current economic crises may be the shopping centers to be realized in classic style renovated real properties located in the city centers. The reason is that these locations offer more than the malls situated in the suburbs, since the fit-out and the tone of the buildings also attract the customers.”
After the finishing of the re-construction works in the VÁCI 1 building, customers will meet brands of the middle- and upper-middle categories. The shopping center concentrates on fashion wear but there will be shops selling accessories and jewelry and also restaurants and other places engaged in catering services.
The VÁCI1 monument was erected in accordance with the designs prepared by Ignác Alpár between 1911 and 1915. The building itself has been represented in the World Heritage list of UNESCO from 1933. The designs of the shopping center have been prepared by the French architect, Christian Biecher.
“I am very proud that I have been mandated to be responsible for such a project as VÁCI1 which emerges from the metropolitan retail developments with its special architectural expedients, the harmony of the renovated modern and classic elements and the unique composition of tenants. Within the current economic circumstances the success of the project is verified by the significant retail spending power being present in the city centre of Budapest which is due to the sound circulation of tourists and local residents, too. VÁCI1 may qualify unique in this regard as well which further increases its fascination,” accentuated Kornél Kalapács, the Hungarian head of ORCO.
60% of the lettable area of the 11,000 square meters of VÁCI1 has already been rented out and the developer is currently conducting negotiations for the leasing of the remaining areas.
One of the anchor tenants of the shopping center is Debenhams, recognized for its position among the market-leading retail-chains of Great Britain which differentiates itself from its competitors via solely selling ladies’, men’s and kids’ wear, underwear, toiletries, accessories and furnishing equipments all of its own brands. Their shop in VÁCI1 will have an area of almost 2,000 square meters. Prior to this occasion, they have not represented themselves at such a large area and with products of such high quality in Hungary.
Pesti Jam Restaurant and Music Pub is also among the tenants of the building which will offer its services at an area of around 1,000 square meters. Szamos Coffee Shop, Confectionery and Chocolate Saloon will be present at approximately 215 square meters.
The general contractor of the Project VÁCI1 is HÉROSz Zrt and the restoring works are carried out by Reneszánsz Zrt. (BBJ)