Budapest's largest historic commercial real estate development arrives to final phase
2011.06.23VÁCI1 stands out as an example of cultural heritage protection, official says
22 June, 2011. – VÁCI1, quite likely the most significant historic commercial real estate development of the last few years in Hungary, was opened to media for just one day. At the event Judit Tamási, president of Cultural Heritage Office was invited as a special guest to call attention to the importance of developments that aim cultural heritage protection.
General construction work of the building has been completed, now tenants have their turn to develop their shops. The development of VÁCI1 is a good example how classic values, modern functionality and business requirements can fit well in one building. The house was previously the home of the Budapest Stock Exchange, and the former dealer room will serve as the main area of a fashion department store.
„VÁCI1 is not the first historic type development in Hungaryby ORCO, but it is the first in its kind by giving modern business function to a unique, partly historical building ” – said Kornél Kalapács, managing director of ORCO in Hungary. He added that while three major retail development projects will be completed in Budapest by the end of 2011, the current status of the local real estate market will not offer the opportunity for any similar investment. “VÁCI1 has a unique position on the market and offers significant advantage for its future tenants” – he added.
VÁCI1 focuses mostly on fashion brands, completed with with entertainment and catering. The American restaurant, Hard Rock Café will open its new multi-storey restaurant in VÁCI1. Tatuum fashion chain shop, a tenant from previous times will also move back to the new building of VÁCI1. On the top of the building an exclusive restaurant will open which offers amazing view for its visitors from the bastion-like terrace to Buda’s mountains, to Vörösmarty square and the downtown of Pest.
The general contractor of VÁCI1 was HÉROSZ Zrt., while all historic elements were renewed by restorers of Reneszánsz Zrt.
