Egosi (left) and Miretzky (right), received their investment certificates from BAI chief Stoyan Stalev (centre). Photo by Maria Anguelova.

Orchid Developments Group, a UK-listed property developer and hotel operator focusing on the Bulgarian market, received first class investment recognition for its planned Grand Mall complex in the port city of Varna.

"The working name of the project was Orchid Mall Varna, but we decided to change it to Grand Mall, because of the unique vision and the exceptional size of the project", the group's chief executive Ofer Miretzky said.

Orchid Developments plans to invest upward of EUR 100 M in the construction of the 150 000 square meters project, which will feature 45 000 square meters of commercial space for lease, as well as office space.

Work on the project will start in the third quarter of the year and will be completed by end-2009.

Israeli firm Moore-Yasky-Sivan Architects (M-Y-S) will carry out the architectural design and oversight, together with Varna firm LAGIS Ltd.

M-Y-S also designed Mall of Sofia, which opened last year, while former Mall of Sofia chief executive Eli Egosi will act as consultant on the project.

Real estate consultants Colliers International will handle all leasing contracts in the complex.

Recognition as a first-class investment from the country's investment agency BAI entitles the project to fiscal incentives.

Sofia News Agency