The Black Sea city of Burgas will feature Bulgaria's first "open-air mall" as the shopping mall project dating back to 2008-2009 will be unfrozen.
"The Strand" shopping mall in Burgas is designed as an open air mall with stores and restaurants arranged around a racetrack 'High Street'.
The EUR 40 M project got its construction permit in 2009 but its construction was put off. Its ground-breaking ceremony is now scheduled for June 29, 2011, announced on Friday ZBS, one of the investors, as cited by Bulgarian media.
The Strand complex will be located in the outskirts of Burgas near the exit for the Trakiya Highway. It is expected to be completed in the summer of 2012, the same year when the Trakiya Highway linking Sofia and Burgas is supposed to be fully ready.
The open-air mall will feature 100 commercial spots and a parking lot with 750 spots. Its all-out built-up area will be 60 000 square meters, and its commercial space – 30 000, some 35% of which will be occupied by entertainment venues, a cinema complex and restaurants.
According to investor ZBS, 44% of the commercial space has already been leased or reserved.
ZBS Ltd, an investment manager and property developer with British participation, is the major investor in "The Strand." The investment includes own funds and mezzanine funding expected to come from British investors, and a bank loan from Corporate Commercial Bank.
Eurobuilding Engineering, a Bulgarian construction company set up in 2005, has been selected to build "The Strand".