News (PL): Rank Progress, Echo and the stadium

Echo building outlet scheme
Echo Investment has begun construction on its newest retail scheme, Outlet Park Szczecin, which it claims is the first outlet center in western Poland. Along with 70 stores, the project will include a Helios cinema and an electronics store, to be delivered in the first half of 2012. A further 60 units should be added in its second phase, which will bring the total GLA to 24,000 sqm. Echo claims the first phase is now 50% leased.

National Stadium delays
Design errors for the electronics system mean that the National Stadium won’t be delivered on time, with the completion date not expected before March 2012. According to daily Dziennik Gazeta Prawna, the National Sports Center has accused the consortium of contractors for not fulfilling its contractual obligations, while the builders (Alpine Bau, PBG and Hydrobudowa) has shot back saying the investor should take the blame. The paper writes that with huge financial penalties and careers on the line, the stakes are high.

Rank Progress plans

This year developer intends to deliver three new retail developments this year, while starting work on two others schemes. Rank Progress has also purchased three plots of land in Olsztyn, Kielce and Warsaw, on which it plans to develop 30,000 sqm shopping centers. The company is aiming to deliver from three to four schemes each year says Jan Mroczek, chairman of Rank Progress.

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