Poland's first multiplex cinema under construction
Moviegoers shouldn't be too torn apart by the move as the new project will include a 7-screen cinema complex downstairs and a 5,700 square meter shopping mall on the first two floors.
Although the entertainment possibilities, especially the multiplex cinema, may seem more interesting to the average Varsovian, the bulk of the project will be dedicated to 15,300 square meters of high-quality office space with underground parking for 360 cars.
The site, at the intersection of ul. Pulawska and the newly repaved ul. Spacerowa, is outside the range where most development has taken place so far. But this is a heavily trafficked area - important to retailers - with good tram, bus and road connections. It is also not far from the Pole Mokotowskie metro stop.
There is another development taking place at a slow pace next door where PKO BP is constructing their office building.
The entrance for the office building will be from the back on ul. Chocimska, with the main entrance on ul. Pulawska for the shops and movie theaters.
Although this is the first multiplex cinema to be announced, rumor has it that it probably won't be the only one in Warsaw.
Investment market to start?
Eddie Kisala, managing director of property advisers DTZ Debenham Zadelhoff Warsaw says he's been talking lately with several investors interested in adding built and leased properties to their investment portfolios.
This would be an interesting phenomenon. Most property people agree that, although the buildings already built or coming on line are attracting higher rents than in most other European cities, a real property market in an international sense has yet to develop.
Kisala has pointed this out to these potential investors that more important for the time being is financing real estate development. Many investors, he says, have stayed out thus far because of the uncertain political climate where "the prime minister changes every so often."
Torben von Staden of Retail Properties International says that he too has had money men knocking at his door, but thinks that when rents finally drop, as they inevitably will, many of these investors could be disappointed with their returns.
ETC delayed - again
The completion date for the long-awaited European Trade Center (ETC) shopping/office center on ul. Ostrobramska has been put off once again.
The project was originally scheduled for completion in November 1994, but then was moved back to March. Adrian Heijmans said the first rescheduling was due to trouble getting the glass for the atrium through customs. He also hinted that there could have been some sort of conflicts going on between the various sub-contractors, but didn't go into details.
When I called this month to see if the project would be completed on time - anyone who's been out to the site recently would know that's a physical impossibility - I wasn't able to catch anyone in the office besides the secretary, Agnieszka Grzechocinska, who said the new completion date had been set for June or July. She said the delay was caused by some internal problems which "would soon be resolved."
Internal problems seem to be more common these days. That's also what the people at FIM said when construction was stopped earlier in the year.
Deja vu?
French take Bogusz's place
Following the loss of Bogusz at the Bogusz Center, the shopping center next to the Holiday Inn, officials at CSC, the building's owner, have been working hard to find replacement tenants.
Michal Skalinski, CSC director, says that the building will have its grand re-opening in April.
With lease contracts now being finalized, Skalinski said, "we'll have a lot more reliable information for you in a few week's time."
He did say that space previously used for storage was being converted into sales space. Negotiations were going well with one French electronics retailer already active on the Polish market and with a French cosmetics company who are interested in taking 300 square meters, he said.
Skalinski added that there was no requirement to be 100% leased before the re-opening.
WDC 70% pre-leased
Brian Patterson, head of the Kontrabecki Group's Warsaw Distribution Center project, says that letters of intent have now been signed for 70% of the first building in the complex, which is to be completed in late spring. He also says leasing has begun on the second building, the construction of which is to begin in May, with completion scheduled for the fall.
I have also heard unofficially from more than one international financial institution which is looking seriously at financing future stages of the project.
Although the entertainment possibilities, especially the multiplex cinema, may seem more interesting to the average Varsovian, the bulk of the project will be dedicated to 15,300 square meters of high-quality office space with underground parking for 360 cars.
The site, at the intersection of ul. Pulawska and the newly repaved ul. Spacerowa, is outside the range where most development has taken place so far. But this is a heavily trafficked area - important to retailers - with good tram, bus and road connections. It is also not far from the Pole Mokotowskie metro stop.
There is another development taking place at a slow pace next door where PKO BP is constructing their office building.
The entrance for the office building will be from the back on ul. Chocimska, with the main entrance on ul. Pulawska for the shops and movie theaters.
Although this is the first multiplex cinema to be announced, rumor has it that it probably won't be the only one in Warsaw.
Investment market to start?
Eddie Kisala, managing director of property advisers DTZ Debenham Zadelhoff Warsaw says he's been talking lately with several investors interested in adding built and leased properties to their investment portfolios.
This would be an interesting phenomenon. Most property people agree that, although the buildings already built or coming on line are attracting higher rents than in most other European cities, a real property market in an international sense has yet to develop.
Kisala has pointed this out to these potential investors that more important for the time being is financing real estate development. Many investors, he says, have stayed out thus far because of the uncertain political climate where "the prime minister changes every so often."
Torben von Staden of Retail Properties International says that he too has had money men knocking at his door, but thinks that when rents finally drop, as they inevitably will, many of these investors could be disappointed with their returns.
ETC delayed - again
The completion date for the long-awaited European Trade Center (ETC) shopping/office center on ul. Ostrobramska has been put off once again.
The project was originally scheduled for completion in November 1994, but then was moved back to March. Adrian Heijmans said the first rescheduling was due to trouble getting the glass for the atrium through customs. He also hinted that there could have been some sort of conflicts going on between the various sub-contractors, but didn't go into details.
When I called this month to see if the project would be completed on time - anyone who's been out to the site recently would know that's a physical impossibility - I wasn't able to catch anyone in the office besides the secretary, Agnieszka Grzechocinska, who said the new completion date had been set for June or July. She said the delay was caused by some internal problems which "would soon be resolved."
Internal problems seem to be more common these days. That's also what the people at FIM said when construction was stopped earlier in the year.
Deja vu?
French take Bogusz's place
Following the loss of Bogusz at the Bogusz Center, the shopping center next to the Holiday Inn, officials at CSC, the building's owner, have been working hard to find replacement tenants.
Michal Skalinski, CSC director, says that the building will have its grand re-opening in April.
With lease contracts now being finalized, Skalinski said, "we'll have a lot more reliable information for you in a few week's time."
He did say that space previously used for storage was being converted into sales space. Negotiations were going well with one French electronics retailer already active on the Polish market and with a French cosmetics company who are interested in taking 300 square meters, he said.
Skalinski added that there was no requirement to be 100% leased before the re-opening.
WDC 70% pre-leased
Brian Patterson, head of the Kontrabecki Group's Warsaw Distribution Center project, says that letters of intent have now been signed for 70% of the first building in the complex, which is to be completed in late spring. He also says leasing has begun on the second building, the construction of which is to begin in May, with completion scheduled for the fall.
I have also heard unofficially from more than one international financial institution which is looking seriously at financing future stages of the project.
