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Bulgaria's Sofia Set to Boast 1st 'Skyscrapers' Despite Crisis

Business » PROPERTIES | November 9, 2012, Friday // 18:51| Views: 2821 | Comments: 0
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Bulgaria: Bulgaria's Sofia Set to Boast 1st 'Skyscrapers' Despite Crisis A view of parts of the Bulgarian capital Sofia. Photo from localyte.com

Regardless of the ongoing economic hardship in Bulgaria, its capital appears set to feature soon its first skyscrapers, considering the local scale.

The Capital Fort project on the Tsarigradsko Shose Blvd, and Millenium Center in downtown Sofia, which are still under construction, are scheduled for completion in 2013-2014, reaching 126 meters and 112 meters respective, the Sega daily writes in a report.

The daily emphasizes that these two projects will demonstrate whether tall buildings have a future in the Bulgarian capital Sofia as a business model, adding that given the large amount of unoccupied office space already in existence in the city, the skyscraper candidates may also end up with empty offices.

The report notes, however, that the investors in Sofia's future skyscrapers are optimistic about the development of business and the economy in Bulgaria, regardless of admitting that the management of these new projects will be a challenge.

They are said to believe that the construction of tall buildings in Sofia will make the city more like the global metropolises, and will be a sign of prestige.

The Sega daily cites data of real estate agencies stating that about 30% of the office space in Sofia remains unoccupied at present, and mentions that against this backdrop Capital Fort and Millenium Center are ambitious projects.

Capital Fort is a project of UK firm Atkins, the investor is Fort Knox. The 126-meter building will be completed in mid-2014, and will be tallest than Sofia's tallest building at present – the Rodina Hotel, which stands at 104 meters. Its office space will total 80 000 square meters.

Millenium Center's first building will be 112 meters tall; its total area will be 136 300 square meters, including both office and residential space. Its investor and builder is NIKMI AD.

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Tags: skyscraper, sofia, office space, Capital Fort, Millenium Center
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