CBRE is appointed to exclusively provide consulting services, including development of concepts and prelease of a large-scale project in the North Caucasus, in Pyatigorsk, Russia. The developer of the project is ADM Business group.
The project is planned on a land plot of 100 Hectares, adjacent to the federal highway R-217 "Caucasus", linking North Ossetia, Kabardino-Balkaria, Karachai-Cherkess Republics, the region of Caucasian Spas and Stavropol Territory.
The project with a total area of about 500,000 sq m is a complex development, consisting of a super-regional shopping centre with a total area of over 200,000 sq. m and a mixed-use complex, including hotel and residential complexes and a 300,000 sq. m exhibition centre.
Michael Rogozhin, Director of CBRE Regional Retail in Russia said:
“We are very excited to start working with ADM Business group on such a large project, because there is a significant shortage of quality retail space in the market of the North Caucasus e, along with a great potential and high demand from its citizen. The project will be the largest in the market of the North Caucasus, involving the full range of operators of different profiles and segments, and combining shopping and leisure in one place. We believe in the high potential of this project. It will certainly take a leading position in the regional market."
The 1 phase of the project will be commissioned in the end of 2019.