Caelum begins ParkLake Plaza construction

The Romanian market may be hurting, but it’s certainly producing a decent number of retail schemes. Not only are around seven scheduled to open this fall, but another one has just gotten underway. Caelum Development has assigned Apolodor SRL and Edrasis – C. Psallidas SA to begin foundation work on Park LakePlaza, which will be constructed in the eastern Bucharest neighborhood called Titan. As is Caelum’s way, the scheme doesn’t lack for ambition, with 67,000 sqm of GLA envisioned for 200 stores. Construction is expected to take 30 months. Cinema City, a Cora hypermarket, and Pure Fitness Center are among the tenants already signed up, and the developer claims that 50% of the space has either signed leases or has heads of terms agreed.

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