Central European property firm Orco Property Group has received a building permit for the construction of a new shopping centre in the former home of the Budapest Stock Exchange. Located on the central Vorosmarty Square, the Vaci 1 scheme is set to open in the spring of 2010.
Central European property firm Orco Property Group has received a building permit for the construction of a new shopping centre in the former home of the Budapest Stock Exchange. Located on the central Vorosmarty Square, the Vaci 1 scheme is set to open in the spring of 2010.
Orco said that the building was built from 1911 to 1915 and has been a World Heritage site since 1933. It is to be restored in what Orco described as a 'unique and contemporary style' by the French architect Christian Biecher, in cooperation with the Hungarian architectural firm Konig and Wagner.
Following the restoration and reconstruction of the building, the centre is set to provide more than 11,000 m2 of retail, dining and what 'lifestyle' space. The centre will have a rooftop restaurant, and will provide 6,000 m2 of common areas for strolling and sitting. Orco said the building has been designed to ensure lower energy consumption and environmentally friendly operation.
