Construction Team on Board for $70M Sofia Ring Mall

SOFIA, BULGARIA-The investors of the planned $70 million Sofia Ring Mall have hired two contractors, Glavbolgarstroy and Arcon Constructions, to start work soon on the 775,000-square-foot project. Greek firms Danaos Development and the Fourlis Group are two of the site’s main investors.

The mall is being built along the country’s new south extension of Ring Road. Fourlis, which owns IKEA franchises in Greece, Cyprus and Bulgaria, is building another of the massive Swedish furniture stores that will connect to Sofia mall. The property will also include 200 shops on three levels, including a 75,000-square-foot home improvement store, and parking for 3,500 vehicles.

Both contractors are expected to take one year to excavate, set concrete and complete rough construction within the next year. The investment group will choose a second company to finish the project, according to a statement by Colliers International, which will lease out the mall. The mall opening is planned for 2013, though the IKEA is expected to be complete by January 2012.

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This mall is supposed to be the largest in the country when completed. A Colliers spokeswoman tells GlobeSt.com that there is about four million square feet of retail mall development currently under construction in Bulgaria in 10 separate projects. Consumer spending in the country has been slowed by the uncertainty that has hit most of Europe, but a Colliers report claims that almost half of all retailers in the country are looking to expand.