Openville Timisoara to open in the fourth quarter of 2018
The Openville Timisoara development, the largest mixed-use project in the west of Romania will be opened in the fourth quarter of next year, upon completion of the first phase of development. The project that integrates the current Iulius Mall Timişoara will comprise office, retail, park and entertainment uses, and is developed by the IULIUS and Atterbury Europe companies.
2017-11-21 10:45:26
The first phase of development that is due to open in Q4/2018 will include 100,000 sqm of class A office spaces, a 47,000 sqm additional retail area, a park spanning on 55,000 sqm, a traffic underpass and more than 1,500 new parking spaces fitted in two parking facilities (a multilevel one and an underground one).
The Openville project will gravitate around Iulius Mall Timisoara, to which an additional 47,000 sqm area will be added over the first development phase. The works designed to expand the retail area up to a leasable area of 118,000 sqm are due to begin by the end of this year. In Openville, the citizens of Timişoara will discover numerous leisure options, a new mix of brands, more than 100 new stores, restaurants and themed cafés, a new concept of cinema and the largest playground for children. To this end, the company signed contracts for new anchors and locations, and the retailers will be announced over the upcoming period.
Openville Timisoara will be the business hub of the region, developed under the United Business Center (UBC) brand. Upon completion of the first phase, the office component will include a 50,000 sqm area in operation (in the UBC 1, UBC 2 and UBC 3 buildings) and another 50,000 sqm pending construction0 (in the UBC 0 building).
The Openville mixed-use project will lead to a major development in the road infrastructure in the downtown of Timisoara, by engineering an underpass designed to streamline traffic and to connect two of the main inner city roads. The works for the underpass are due to commence in January 2018.
The second phase of the Openville Timisoara project will entail the development of approximately 85,000 sqm of office spaces (in four other buildings) and 25,000 sqm of retail spaces, depending on the market demands.
The investment in Openville is estimated at over 220 million Euro, being the largest infusion of private capital in the real estate sector in the west of Romania.
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