"We have been working on this complex project for a long time and are pleased that the end is now in sight," says Matthew Cartisser, NEPH's co-founder and CEO. "It is particularly satisfying that we have been able to collaborate with such forward thinking authorities. The city of Elblag has shared our vision of creating a destination shopping centre serving both the city and the region."
Siódemka will total 844,967 square feet and have three main components; an enclosed mall anchored by a hypermarket, a retail park and a DIY store. Specific retailers have yet to be signed to the project, but the developer hopes to attract a variety of large and small tenants from both regional and international brands. Restaurants, a gas station and 2,000 parking spaces are also part of the initial plans.
"Up to 1,000 new jobs will be created as a result of the development and new wealth will be brought to the area, which will have the knock on effect of attracting other inward investors," Cartisser says. "The centre will also enable the residents of Elbl¹g to benefit from the same or even better retail offer than exists already in other Polish cities and avoid the need for long, expensive and environmentally unfriendly shopping expeditions to the TriCity."
The developer is working closely with local and national highway authorities to rework highway exits and entrances to make the future shopping center more accessible.
A timeline for groundbreaking and project completion has not been finalized yet. The estimated construction cost was not released.
NEPH, founded in 2005, concentrates on retail and office properties in Poland. To date the company has invested $28 million on various properties.
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