The former home of the Budapest Stock Exchange Vörösmarty Square right in the heart of downtown Budapest is going to be remade into a shopping centre and galleria. ORCO Property Group is developing the center, to be called Váci 1, which is being designed by world renowned French architect Christian Biecher in cooperation with the prestigious Hungarian architect office of Kõnig and Wagner.
Iain Sellers, Managing Director of ORCO Hungary, is looking forward to the new project and what it will do for downtown Budapest: “It is so exciting to be given an opportunity to open up to the public a hidden architectural gem in Váci 1 right in the center of Budapest. This is a unique building and our restoration and transformation of it will announce that Budapest is not only a city of rich history but also a city for the future.”
When the restoration and reconstruction is complete, the building will provide over 11,000 square meters of retail, dining and lifestyle space. The aim is to attract premium and unique retailers giving a tenant mix that will differentiate Váci 1 from other retail locations in and around the city. There will be a rooftop restaurant with breathtaking panoramas of central Budapest, and there will be plenty of space for walking, sitting and just enjoying the architecture.
As the new project takes place it is expected to help transform the old downtown area of this historic city. “As in other major cities of Europe the re-structuring of the downtown retail trends will give a new wave to the city center and also give back the previous prestige of the famous pedestrian shopping street, Váci utca. With the introduction of premium category international brands new to Hungary, customers will have a different, truly unique shopping and lifestyle experience,” said András Kovács, ORCO’s Regional Leasing Director.
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