Arco Invest, a branch of the Estonia-based real estate company Arco Vara Group, held the groundbreaking ceremony for its new residential project, Boulevard Residence in Sofia, on November 13. The future development, located on Madrid Blvd., would comprise a 112-flat residential building with underground garages and 41 adjoining retail units and will have a gross actual area of 24 830 sq m, propertywisebulgaria.com reported.

The complex would offer completely finished apartments. Developers were currently drafting interior design projects. Clients would choose from among 15 different alternatives in three price ranges---standard, comfort, and exclusive, the latter involving high-end designers' decisions on interior, according to propertywisebulgaria.com.

Apartments would be ready for sale in January 2008. Prices would start at 1 600 euro a sq m, depending on the phase of completion. The end price was to be calculated on an individual basis. Every flat would have its own garage, storage units, and corresponding common areas. Retail areas in the compound would be primarily let out; at this point sales were not planned.

The inauguration ceremony was attended by Richard Tomingas, a member of the Board of Directors of Arco Vara Group; Emil Mechkian, general manager of Arco Invest; and Pavel Kalistratov, chairman of the managing body of Glavbolgarstroy Holding Jsc, which would carry out construction works. Arco Real Estate company, the exclusive representative of Boulevard Residence, would be responsible for the sale of residential and retail areas of the complex.