ECE has acquired 100% of the project and will also ensure the project's funding.The project includes a leasable area of 42,000 m² and will open in 2017 with approximately 130 shops and other services.
ECE will cooperate with CDS Holding for the development of the property. CDS is an Italian real estate developer from Erbusco (Brescia) with more than 20 years of experience in the market. The company has developed projects such as I Petali, Le Corte Venete, Forum Palermo, Carrefour La Certosa, or Carrefour Siracusa. ECE Italia will take over the management of the center.
This is the second ECE investment in Italy following the acquisition of Megalò shopping center in Chieti at the end of 2011. ECE established a subsidiary in Milan at the beginning of 2014.
The construction will start with the excavation works in May 2015; the opening is scheduled for spring 2017. The center will house an Interspar hyper market on 4,500 m²; the tenant mix will include attractive Italian concepts and international retailers – many of them will debut in the region. It will also feature a various mix of premium restaurants and cafés.
The shopping center is situated only 500 meters from the key freeway exit to the city center of Verona on the main arterial road to the city. It can be reached by approximately 585,000 people within thirty minutes. A parking garage with 2,500 free parking spaces will be available for visitors traveling to the center by car. The center will be added as a destination to the forthcoming Metrobus system of Verona and thus can then be reached conveniently with public transportation.
The shopping center will be the first center within the city of Verona. It is constructed on a former factory premises which comprises an area of 47,000 m². Approximately 260,000 people with an income of 28% above the Italian average live in Verona. The shopping center density of 218m² per 1,000 inhabitants in the catchment area is substantially lower than in the entire region of Northeast Italy (280 m² /1,000 inhabitants). Attracting 3.7 million tourists every year, the province of Verona is one of the most important tourist destinations in the country.