Caelum Development starts works on ParkLake Plaza in Bucharest

Irish Investment group Caelum Development has started construction works on the ParkLake Plaza project in Titan area of Bucharest. The developer has appointed Apolodor and Edrasis - C. Psallidas to perform the excavation and piling works. The shopping center is being developed on the premises of the former Spartac sports base and the first announcement on the mall development was made in 2008. The project, for which construction is expected to last for two and half years, comprises of a gross leasable area of 67,000 sqm hosting 200 retail units. ParkLake Plaza will create more than 3,000 jobs during peak construction and a further 2,500 jobs in the centre after opening, according to the developer. The center will include a Cinema City movieplex with 16 screens, a Pure Fitness Center and outdoor tennis courts, a Cora hypermarket and other international and local retailers. Caelum operates within East-Central Europe, having its headquarter in Warsaw, Poland. The company’s portfolio includes a total of 19 retail schemes located all over Poland. ParkLake Plaza is the company’s first project based in Romania. Caelum Development is owned by the Sharkey family. Corina Saceanu, corina@romania-insider.com