Echo Investment shrinks Korona mall project in central Romania to a single floor

Polish real estate developer Echo Investment has changed the structure of its future Korona shopping mall in Brasov from two floors to one. Despite the modification, the single storey mall will keep its planned shopping and entertainment functions. “We have decided to adapt the design to the current market situation and the expectations of our partners,” said Marcin Materny, Director of the Foreign Shopping Center Department at Echo Investment. Meanwhile, the company has plans to buy existing retail projects across Romania. This is because building projects from scratch has become a challenge, according to Roxana Stănciulescu, senior leasing manager with Echo Investment. However before buying more retail projects, the company will wait to see how Korona works and whether it becomes profitable. Echo Investment is planning to start construction of the Korona Center in 2014. Built over 18 months, the shopping center will cover 35,000 sqm, with stores and service points, restaurants, and an entertainment zone with a 7-screen movie theater. The investment was initially estimated at EUR 100 million, with work originally meant to get underway this year. Echo Investment is controlled by Polish entrepreneur Michal Solowow, the third richest man in Poland. editor@romania-insider.com