This first stage requires investments worth €150 million of a total €1.5 billion needed for the entire project, according to company officials, and represents one quarter of the total surface of 120 hectares.
Coresi will start in the first part of 2009 with a 25,000 square meter expositional center. As of the second half of 2009, Flavus will begin building a retail park, followed by a mall with 100,000 sqm rentable space, to include 200 shops, and the first stage of the residential area, with 200-300 apartments, of a total scheduled 6,000 homes.
Silviu Savin, Flavus Investitii’s Manager, said that, because of the financial crisis, the project’s construction rate will depend on demand registered on the market. For the development of the commercial center, the fund established a joint venture with a specialized company, whose name will be made public in a few weeks.
