XXI Century Investments has been granted a permit to begin construction of a major mixed-use development in the Ukrainian city of Virlytsia. The project will cover about 993,000 m[sup]2[/sup] of total area in a high-density residential community of some 282,000 people, the Ukrainian real estate company said. The plans envisages a shopping centre with about 76,000 m[sup]2[/sup] of gross lettable area, a business centre with 230,000 m[sup]2[/sup] of lettable space, a 3-star hotel with about 300 rooms and a residential complex with about 206,000 m[sup]2[/sup] of commercial area.
XXI Century Investments has been granted a permit to begin construction of a major mixed-use development in the Ukrainian city of Virlytsia. The project will cover about 993,000 m2 of total area in a high-density residential community of some 282,000 people, the Ukrainian real estate company said. The plans envisages a shopping centre with about 76,000 m2 of gross lettable area, a business centre with 230,000 m2 of lettable space, a 3-star hotel with about 300 rooms and a residential complex with about 206,000 m2 of commercial area.
XXI Century Investments said Jones Lang La Salle valued the project at end-June 2007 at EUR 202 mln. At about 19% of its appraised portfolio value, it is the company's largest portfolio asset.
Construction work is expected to begin in December 2007 with the completion of the first phase of the project scheduled for the first half of 2010. The last phase should be completed by end-2012.
The company said it is currently negotiating with potential anchor tenants, including international and local operators of hypermarket chains and multiplex movie theatres.
The commercial concept for the project was conceived by Jones Lang La Salle, and the chief architect is UK architectural firm Benoy.