On November 13, Construction of City Park Residence was kicked off with the ground-breaking ceremony by Orlin Bladikov, CEO of Orvitex Real Estate. The complex, located in the central southwestern part of Sofia at the corner of Tzar Simeon St. and Zografski Manastir St., would comprise class A residential, office and retail and was expected to open in 24 months, propertywisebulgaria.com reported.

Tivon Properties, a subsidiary of Israeli developer company Stern, was the investor in the project; the architectural plan was elaborated by Atelier Serafimov Architects Ltd, with Glavbolgarstroy Jsc as the contractor. United Bulgarian Bank would finance the enterprise and Orvitex Ltd. was the manager and exclusive agent of City Park Residence.

The investment would be worth 25 million euro, including the 5-decare-plot's purchase, and the total built-up area would be 30 000 sq m - 6 000 of which allocated to office space and 3 500 sq m to retail units. The complex would feature a 300-car, two-level underground parking lot and open-air parking places.

Residential units would sell at 1100-1200 euro a sq m, office areas would trade at 1500-1600 euro, and retail outlet prices would be negotiable, fluctuating between 2 000 and 3 000 euro a sq m. The project would offer various opportunities for deferred payment with different installment plans and target middle-class clients.

The development would be attractive because of its transport connections and location in a park area close to the city centre. It would border one of Sofia's main thoroughfares, Todor Alexandrov, which was expected to grow as the capital's "finance hub" because of the concentration of bank offices along it.

Stern company was founded in 1979 and today it was listed among the largest construction companies in Israel. City Park Residence was its first project in Bulgaria.