by Property Forum | Retail

The Iulius Company has commenced the works for the retail component included in the Openville Timişoara project, the largest mixed-use development in the west of Romania. The first phase of the project integrating the current Iulius Mall Timişoara is set for completion in Q4 2018 and will include 47,000 sqm of additional retail premises, 100,000 sqm of Class A offices, a park, a traffic underpass, as well as more than 1,500 new parking places.

To this date, the Openville project includes 31,000 sqm of completed office spaces (in the UBC 1 and UBC 2 buildings), and another 19,000 sqm pending construction and to be delivered this year (in the UBC 3 building). The construction works for the fourth office building (50,000 sqm, in UBC 0), as well as for an underground parking lot and the traffic underpass are due to commence over the upcoming period.
The additional retail areas will be fitted both in an expansion wing of Iulius Mall Timişoara, and on the ground floor of the office buildings and in the park area. Thus, upon completion of the first phase of development, Openville will include an 118,000 sqm gross leasable retail area.
The newly created premises will feature numerous entertainment activities, more than 100 new stores, themed restaurants and cafés, a new cinema concept and the largest playground for children. Moreover, a part of the international brands present in Iulius Mall Timişoara will expand their stores.
A major anchor and the most highly anticipated novelty component is the park spanning on 55,000 sqm. The green area in the downtown of Timişoara will be the largest suspended park in Romania, and will be fitted over the underground parking lot that is scheduled for development this spring on the current area in front of Iulius Mall.
Thematically fitted cafés and restaurants overlooking the park, event plazas and a carousel for children, lake, artesian fountains, 20,000 shrubs and 1,000 trees, wide areas fitted with special turf that visitors can sit and relax on are some of the components of the green area in the Openville project.
The new anchors and locations that will be available in the Openville project will be announced over the upcoming period.
The Openville project is developed by the Iulius and Atterbury Europe companies, adding up to an estimated investment of more than € 220 million.