ARCO INVEST Ltd., a subsidiary of the Estonian Arco Investeeringute AS, will start construction of a residential building with shops and underground parkings on Sofia's Madrid Blvd. The gross actual area of the establishment is planned to be 24 700 sq m, 12 000 sq m of which will be flats, 6100 sq m – retail areas and two underground levels. The plot of 3800 sq m was bought at the beginning of August this year and at the end of the same month the company initiated a limited tender procedure to choose a subcontractor for the initial construction works. The results are to be announced at the end of September.
The total cost of the development will come up to 20 million euro. The building activities will be carried out in two stages within a period of three years.
The ambition of the developer is to offer high-quality product, living up to the standards of Baltic and Scandinavian markets, Emil Mechikyan, the company's manager said.
The project will be represented by Arco Real Estate Bulgaria, owned by the Estonian Arco Vara Group, the largest real estate company in the Baltic region.
