"Owner and developer Orco Property Group has launched the construction of its Váci1 project, where a new "fashion and gourmet emporium" will be constructed in the former home of the Budapest Stock Exchange, on Vörösmarty tér in Pest's District VI. Váci1 is due to open in Spring 2010.The building will be restored in a unique and contemporary style, designed by world- renowned French architect Christian Biecher, in cooperation with the Hungarian architectural office of Kônig and Wagner. “It is so exciting to be given an opportunity to open up to the public a hidden architectural gem,” Iain Sellers, Managing Director of Orco Hungary said.
“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,” he added. Orco’s other projects in downtown Budapest include the Paris Department Store, the Andrássy Hotel and the Avenue Gardens.
The Palace of the Budapest Stock Exchange was constructed between 1911 and 1915, based on the plans of famous Hungarian architect Ignác Alpár. Registered by UNESCO in 1933 as a World Heritage site, the building is subject to official monument protection laws.
Following its restoration and reconstruction, the building will provide more than 11,000sqm of retail, dining and lifestyle space.
Orco says it aims to attract “premium and unique retailers” giving a tenant mix that will differentiate Vaci1 from other nearby retail destinations.
A rooftop restaurant is also part of the plans. The project is to provide some 6,000sqm of common areas for strolling, sitting and escaping from the intense heat of the summer and the wet and cold of the winter.
“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,” said András Kovács, Orco’s Regional Leasing Director. With the introduction of premium category international brands new to Hungary, customers will have a different shopping and lifestyle experience, he said.
In line with ORCO’s sustainable development policy, the building has been designed to ensure lower energy consumption and an environmentally friendly operation.
Despite the building’s protected status and the restrictions related to this, the designers have been able to include a heating-cooling system which should reduce the energy consumption by more than 25% of a traditionally designed system."
Source: Budapest Sun
17.06.2008