Moscow State Expertise approved 29 projects of reconstruction of the old soviet cinemas into modern Neighbourhood Centres by ADG group.
Jantar` Neighbourhood Centre project in Preobrajenskoye district became the 29th one approved by Moscow State Expertise. Other 10 projects of reconstruction of old soviet cinemas in Moscow`s districts will be examined in the upcoming weeks.
“ADG group`s Neighbourhood Centres project of soviet cinemas’ reconstruction aims to regenerate local centres of gravity, it is supported by Moscow government and its mayor Sergei Sobyanin. We plan not only to renew social interest for old-fashioned cinemas but also to supply people with shopping and entertainment facilities adapted for local needs of every neighbourhood”, says Moscow State Expertise chairmen Valery Leonov.
ADG group redevelops soviet cinemas in Moscow`s neighbourhoods into a completely new asset class in the commercial real estate market – Neighbourhood Centres. The combination of unique locations in walking distance to 2,5 mln of Muscovites, up-to-date retail formats, Food & Beverage and entertainment for the whole family is to bring stable and high footfall to the new objects’ tenants.
After complete Neighbourhood Centres commissioning in 2019 ADG group will become the Moscow’s largest commercial real estate owner by number of objects with 480,000 sq. m. total GBA. According to the recent forecast by JLL, it is 47% of all commercial real estate square prescribed to open in Moscow in 2019.
The construction has already started on 5 objects. The first Neighbourhood Centre Angara is to open by the end of 2018, while all 39 objects will start operating in 2019. 30% of GLA is already signed by anchor tenants, including Lenta supermarkets and South Korean cinema chain CJ CGV.
ADG group`s Neighbourhood Centres are focused on stable high traffic and frequent visits – as many as 3 per week, which is absolutely visible due to the effective use of each square meter and adaptation of actual worldwide trends of retailtainment and mini-formats in order to develop new consumer experience.