VICTORIA GARDENS | LVIV, UKRAINE
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Status : Operating
Gross Leasable Area : 166 shops; 54,537 m2
Property Type : Shopping and Entertainment Complex
Build-Up Area : 102,000 m2 structure + 45,000 m2 infrastructure
(Parking, Landscaping, Green Area, etc.)
DESCRIPTION
A 166 total store area with signature restaurants is located strategically in the central business and residential district. The opening ceremony of the structure is made on October 30th, 2016. The complex consists of retail stores including hypermarket and homeware, movie theaters, bowling and children’s entertainment areas, as well as food courts, cafes and restaurants. The structure is supported by both multilevel, ground and outdoor parking.
DEVELOPMENT
With the project completion in 2016 and 67% of the building committed for retail and restaurant leases prior to its opening, BEY took the initiative to identify solutions, which would preserve Fenix Capital’s investment value in the project. The investment team conceived a plan to convert the available portion of the building into an entertainment area, seizing an opportunity in what was an underserved local submarket and based on experience with retail centers. The team pursued all pre-development activities necessary to improve and implement the plan, including financial feasibility, concept pricing, retail market assessment, and identification of local leasing professionals. The project pre-leasing strategy and private investment supported the plan, respectively approving a loan modification and tax incentives.
STRATEGY
Fenix Capital retained sole ownership of the project and the BEY PROJECTS team assumed all development and project management responsibilities. These tasks also included architect selection and supervision, sub-contractor selection and contract negotiation, construction oversight, leasing and management coordination, and change order coordination. BEY managed a complicated, fast-paced development project with a total budget of more than $210 million, including a $134 million construction contract. From concept to delivery, the project took approximately 26 months to complete.
STATUS
Victoria Gardens is now the largest shopping mall and entertainment complex in Western Ukraine and most visited destination in Lviv market with outstanding visitor scores and reviews, and has been recognized as one of the top 5 Urban Developments in the entire Ukraine.
“BEY PROJECTS Inc. will continue making greater efforts, sticking to our objectives, adhering to our faith, striving to make progress and support our clients through innovative services with our broad vision and pragmatic approach.”
