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PRAGUE-Rodamco Europe has signed a contract with AM Group (formerly Amstelland MDC) for the development of Centrum Chodov, a 613,542-sf regional shopping center slated for the southeast portion of the city. The estimated project cost is $152 million (Euro 128 million). Project completion is scheduled for the second quarter of 2006. The gross annual rental income from the development is estimated at $14.2 million (Euro 12 million).Centrum Chodov will be built in Prague’s 11th district, adjacent to the D1 Prague-Brno motorway and above a metro station. The project will include retail, leisure and restaurant space. About 40% of the space has been preleased. Already signed up are Hypernova, Hennes & Mauritz, C&A, Nike and Bata. Rodamco Europe’s $8.4-billion (Euro 7.1-billion) investment portfolio is 85% comprised of shopping centers, making the company the largest listed property investment and management company in the retail sector in Europe. AM is a Netherlands-based developer of retail, residential and office space.The concept for Centrum Chodov was developed by T+T Design of Gouda, Netherlands, and interpreted by Prague-based Helika SA design. When complete, the shopping center will join Centrum Cerny Most in Rodamco Europe’s Czech Republic investment portfolio. Centrum Chodov will be AM’s second Czech Republic development as well. Olympia Plzen, the first shopping center developed by AM in the Czech Republic, opened in March. AM says it is focused on developing shopping centers in Southern and Central Europe because retail facilities there “are outdated and there is strong pent-up demand for modern shopping centers incorporating leisure facilities.”

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