Arco Vara to invest 60 mln euro in Bulgarian residential project

The construction of the first stage of the Lozen project, representing an investment of 18 million euro, is expected to begin in the first half of 2019 and be completed by the end of 2020, Arco Vara said in a statement on Friday.

Arco Lozen has signed a design contract for the first stage of the Lozen project with Bulgarian architectural studio Vamos, with the complete technical drawings for construction permit expected to be ready for submission to the city authorities by October. Arco Lozen aims to obtain a construction permit by end-2018.

The first stage of the project will consist of apartment blocks, private houses, a supermarket and a kindergarten with total GSA exceeding 30,000 sq m, including underground areas.

The total project covers 12 ha land area in the outskirts of Sofia and foresees the development of ca 105,000 sq m GSA including underground areas, with a total of 500 residential units.

Arco Vara acquired the project in January for an undisclosed price.

($=0.8058 euro)