Corvin Shopping Mall
The newest dazzling shopping mall of Budapest opened on Wednesday, October 27, in the 8th district. Construction on the HUF 230 billion (EUR 840 million) Corvin shopping mall, belonging to the French group Klépierre Ségéce, began in 2006, as part of the grand (8.5 ha) district rehabilitation project of the Hungarian Futureal Group, along with the municipality. We are already half way through the revitalization project, the area has, by now, changed tremendously; previously there was a tendency to stay away from the 8th district because of the low-income neighborhoods and crime associated with the area. However, now, the fabulous office buildings, residential complexes, and most recently the sparkling retail palace of the Corvin Project, are an obvious sign that times have changed. Returning visitors to the area will not believe their eyes.
Some of the buildings use geothermal as well as solar energy. The apartment sizes vary from 28 to 130 m2, which means there are no exquisite luxury apartments. The typical apartment is modern and youthful, exactly what the 25-35-year-old young professionals are looking for as they move in to the center from the outer districts. Prices range from 300-700 thousand forints (1100-2550 EUR) per square meter.
The 65,000 m2 Corvin setany (promenade) retail complex on 4 levels is the only shopping mall in Budapest handed over in 2010. It is especially attractive to families with children, very bright, with lots of light, 1200 underground parking spaces, and an unbeatable location. Longer than the famous pedestrian precinct Vaci utca and wider than the popular Liszt Ferenc ter promenade with its ever-busy restaurants and chic cafes, the covered pedestrian street with top world brands caters for the need of the next generation who are only content with a modernized Hungary, nothing less.
Just to compare, the other centrally-located shopping mall is West End City Center at Nyugati Train Station, owned by TriGranit Group, with an annual 20 million visitors. Extremely successful since its opening in 1999, it boasts nearly 50,000 m2 retail space, 21,000 m2 office space, a Hilton hotel, and over 22,000 m2 landscaped roof terrace. Considered to be a major event in the retail market of all of Europe, TriGranit managed to refinance West End on October 28th, 2010, at EUR 400 million, through an international bank consortium led by German Pfandbriefbank. The Hungarian banks, which altogether supplied less than 10% of the financing, were K&H Bank, MKB Bank, OTP Bank, and UniCredit Group. TriGranit opened its Bonarka City Center in Krakow last year, and completed its EUR 300 million retail project, Arena Center, in Zagreb this year.
