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70 million euro investment for a Spanish tower in Sofia

Thursday, Dec 11, 2008

Sofia's chief architect Petar Dikov told Stroitelstvo.bg that in August 2008 a plan was approved for a glass tower to be built behind the Sofia central train station, at a location commonly knows as the “artery”. Spanish company Riofisa has a parcel of land worth 40 million euro, and is contemplating erecting a glass tower with an auxiliary complex around it, creating 2500 new jobs and significantly boosting the local economy in the district.

“While the government is adamant on moving to 4th kilometre, the municipality will move next to the central train station,” states the Standard daily newspaper. Whether or not the municipality will actually relocate is still uncertain but the Spanish company Riofisa contemplates an entire Spanish-style neighbourhood at the back of the train station, using the site of the former railway factory.

The centre of the architectural scheme would be a 150-metre glass tower. The total investment will cost around 270 million euro. In spite of the economic crisis there is no indication from either the Spanish or the Bulgarian side that the project will be frozen. It is meant to be completed in two stages. In the first stage Riofisa will build a mall and recreational zone.

The second stage of the construction process will see the erection of offices, a large residential complex equipped with a parking lot, covering a total of 170 000 square metres. Initially the company wanted to construct 6000 apartments there but in light of the crisis and the dip in demand for real estate, the Spaniards have instead opted for building a massive office building and creating 2500 new jobs in the process.

Source: PropertyWise Bulgaria