The development is attractive with its transport communication and situation in a park area close to the city centre. Construction of City Park Residence is already underway, Orlin Vladikov, CEO of Orvitex Real Estate, announced at the project's ground-breaking ceremony, held on November 13. The complex, to be situated in the central southwestern part of Sofia at the corner of Tzar Simeon St. and Zografski Manastir St. It will comprise class A residential, office and retail and is expected to open in 24 months.
Tivon Properties, a subsidiary of Stern, a leading Israeli developer company, is the investor in the project; the architectural plan was elaborated by Atelier Serafimov Architects Ltd, a famous designer group; Glavbolgarstroy Jsc is the contractor; United Bulgarian Bank will finance the enterprise; and Orvitex Ltd. is the manager and exclusive agent of City Park Residence.
The investment should come to 25 million euro (with the 5-decare-plot's purchase), and the total built-up area will be 30 000 sq m - 6 000 of which will be dispensationed to office space and 3 500 sq m to retail units. The complex will feature a 300-car, two-level underground parking lot and open-air parking places.