ECE plans a city quarter with offices, a hotel, restaurants, and retail on a 35,000 sqm property in Budapest.
ECE’s initial plan was to realize a shopping center on this property. Even though they had the support of the city’s and the district’s authorities it was impossible obtain the necessary exemption from the so-called “Plaza-Stop” law. Therefore, ECE and the district’s representatives have now agreed to develop a mixed-use city quarter.
Managing Director of ECE Hungary, Christoph Augustin, says, “On the one hand, we very much regret this decision because we already had resoundingly positive feedback for our project from the tenant market. Retail is currently progressing well in Hungary–we were able to increase sales by almost seven percent in the first three quarters alone. However, we see a great opportunity to integrate parts of the planned retail development into our approach to the new concept. And we see big potential for an attractive city quarter at this location.”