Real estate investor Immochan plans to open the first phase of the Coresi mixed project in Romania's central city of Brasov in the first quarter of 2015, most likely in March, it has announced.

The first phase will entail investments of EUR 60 million, according to Tatian Diaconu, general director of Immochan Romania.

The company estimates an annual traffic of 10 million visitors, targeting residents of Brasov, as well as Romanian and foreign tourists.

Shaped as a shopping resort, the project will feature 1,500 sqm of entertainment space, as well as lounge areas and small spaces for recreation throughout the commercial center, as well as 30,000 sqm of green areas on the outside.

A cinema on 3,200 sqm and a food court on other 3,500 sqm will also be included. A special area where craftsmen from Brasov or surroundings can sell their products has also been designed.

Developed on the premises of the former Tractorul industrial site in the Central Romanian city, Coresi will include a 13,000 sqm Auchan hypermarket and a commercial gallery with a leasable area of 32,000 sqm. The shopping center will also include a parking space with 3,000 places.

So far, the project is 60 percent leased, with brands such as Inditex - with its Zara and Zara Home shops - already signed, and ongoing negotiations with H&M, New Yorker, Waikiki and Koton, among others.

Immochan Romania currently has two project under development, namely Coresi Brasov and a commercial center in Drumul Taberei, Bucharest. The total value of the investments is of EUR 120 million.

For the Brasov project, a residential phase is planned to start in 2015, for which a development partner is being sought.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: immochan.com)