Orco unveils five projects across Europe

Orco Property Group has unveiled plans for five new development projects in Berlin, Bratislava, Budapest and Prague. The company announced at the Mapic fair in Cannes last week that it will transform a Unesco World heritage site on Andrassy Avenue in Budapest into a modern mixed-use project. The second Hungarian retail development, Vaci 1, is also located in capital. When completed in the spring of 2009, the scheme will comprise more than 70 shops, restaurants and recreational space spread over 11,000 m².

In Bratislava, Orco plans to develop the City Gate residential and retail scheme. The centre will house a wellness and spa centre below ground and a modern shopping mall on the ground and first floors. The remaining floors will provide residential units. Construction work is to commence in early 2008, with completion scheduled for the third quarter of 2008.

The Paris Department Store project will house three levels of flexible retail premises ranging from 1,700-2,500 m2, as well as four levels of prime office space and a roof-top restaurant. Completion is scheduled for autumn 2008.

In the Czech Republic, Orco plans to build a state-of-the-art shopping and leisure centre, while the Cumberland building in Berlin will be transformed into an hotel and retail property. The building itself was opened as a boarding house in 1912. 'These five projects represent Orco's vision and strategy for the future. Retail developments are set to play an even more important part in our overall company strategy,' said Orco retail development specialist Robin Kaplan.