The One Cotroceni Park project, developed by One United Properties in Bucharest on a 5.8 hectares land plot, will give a new dimension to the Work - Live - Shop concept on the local market, offering a 15,000 square meters retail area, comparable to that of a medium-sized shopping centre, to the future employees and residents who will live within the project.
The project developed by One United Properties will consist of nine blocks with around 800 apartments and offices with a rentable area of approximately 80,000 square meters, the spaces on the ground floor of the buildings being mainly allocated to the retail area.
One United has appointed Cushman & Wakefield Echinox as the strategic consultant to define the concept of the retail area and implement the rental strategy of the commercial spaces.
Bogdan Marcu, Retail Agency Partner, Cushman & Wakefield Echinox said: “Together with One United Properties, we aim to transform the former Ventilatorul platform into a modern urban landscape and to give a new dimension to the mixed-use projects located in an important city location. One Cotroceni Park will benefit from a retail area of 15,000 square meters, representing over 10% of the total built area, which will serve both the approximately 10,000 people who will work and live in the project, as well as the residents of the Cotroceni – 13 Septembrie area, through a new set of concepts and facilities specially designed for this location."
Bogdan Marcu
Partner, Retail Agency
Cushman & Wakefield Echinox
On average, office developers in Bucharest allocate 5-6% of the space to the retail and services areas, a percentage considered insufficient by a significant number of employees. According to the recent Cushman & Wakefield Echinox Working Habits & Commuting Patterns study, only 27% of the employees working in modern office buildings in Bucharest are satisfied with the retail area and services near the workplace, as they consider that more restaurants and coffee shops are needed (37% of respondents), fitness centres and sports venues (26%) and supermarkets (24%).
Located on Progresului Street, opposite to the future Academia Militară metro station, One Cotroceni Park will revitalize a former industrial area in the middle of the Capital, taking into account that important objectives are located within one kilometre from the project such as The Cotroceni Palace, The Botanical Garden, The Military Academy, The Palace of Parliament or the JW Marriott Hotel.
The first phase of the project, which will consist of the development of the office component and the related retail spaces, will start in the upcoming weeks, while the construction of the residential component of the project is planned for the autumn of 2020.
Alexandra Grigoras, Leasing & Marketing Manager, One Office, One United Properties office division added: “We want the development on the former Ventilatorul platform to become one of the major points of interest in the central area of Bucharest. The retail component is therefore extremely important and we are working with the Cushman & Wakefield Echinox team to draft and implement the best concept for this area.”
