Cascade Centar

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Cascade Centar
General information
Status Closed
Type Shopping mall
Architectural style Modern
Town or city Zagreb
Country Croatia
Coordinates 45°49′10″N 15°58′36″E / 45.81938°N 15.97679°E / 45.81938; 15.97679Coordinates: 45°49′10″N 15°58′36″E / 45.81938°N 15.97679°E / 45.81938; 15.97679
Groundbreaking 2006
Completed 2009
Technical details
Floor count 3
Floor area 12,319 square metres (132,600 sq ft)
Design and construction
Architecture firm Radionica arhitekture
Structural engineer Branko Galic
Other information
Parking 180 spaces

Cascade Centar is a stylish shopping complex in Zagreb, Croatia. It was opened at the end of 2009 during the European financial crisis. By 2011 it was clear there were not enough shoppers to cover the high rents, and tenants began to move out. The center went bankrupt in 2012. As of January 2013 efforts to auction the property had been unsuccessful.

Structure

The mall is situated in the centre of Zagreb, about 500 metres (1,600 ft) to the north of the main city square, approached by Mikloušićeva Street.[1] It was built on a 18,000 square metres (190,000 sq ft) lot leased from the church for 99 years. The building covers 12,319 square metres (132,600 sq ft). It has three floors and an underground garage with 180 parking spaces.[2] The shops may be accessed from four streets or terraces, of which the upper two are covered by a translucent roof. The east part of the center contains four apartments overlooking the gardens of the residential street. These are completely separated from the commercial part of the building.[1]

Construction and operation

The project to build Cascade Centar was launched in August 2004. Radionica arhitekture was responsible for design, and Branko Galic undertook structural engineering.[1] Interkonzalting provided consulting and design services. Construction was between 2006 and 2009.[3] The original owner was the Molteh company, owned by former general Vladimir Zagorec. In 2007 Zagorec sold the company to the Czech-American group Ungelt / Spectrum. In 2010 the building was sold again to a group of investors.[2]

The center opened at the end of 2009 during the European financial crisis. With stylish shops and cafes, it became something of a meeting place for the young urban elite.[1] In 2010 the management in effect waived rents in an effort to attract tenants.[4] Later there were many disputes between the tenants and the management over the high rent, lack of space and low numbers of visitors.[2] Store owners complained that the management was demanding retroactive rent payments for 2010, and that when they decided to move out they were not allowed to remove their property.[5] In October 2011 the management company said the center would be forced to close temporarily because tenants were failing to pay rent, and there was not enough revenue to cover the cost of services.[4]

Financial problems

Many fashion stores began to leave the center, which was closed early in the summer of 2012. The parking garage and a night club remained open. The company was in debt and was forced to file for bankruptcy.[2] Three attempted auctions were unable to attract an interested buyer. A fourth auction was scheduled in January 2013. The proceeds of the sale would be divided among creditors, with the largest claimants being two Austrian banks.[2] The fourth auction again failed to attract a buyer. Since the property is accumulating debt to the city, the price could continue to fall with each auction.[6]

References

  1. ↑ 1.0 1.1 1.2 1.3 "Retail Development in Zagreb, Croatia, Eastern Europe". E architect. 6 February 2010. Retrieved 18 November 2013. 
  2. ↑ 2.0 2.1 2.2 2.3 2.4 Tomislav Mamić (2013-01-23). "CRKVENI ŠOPING CENTAR NA DRAŽBI Za 12.319". Jutarnji list. Retrieved 2013-11-18. 
  3. ↑ "Cascade centar". Interkonzalting. Retrieved 2013-11-18. 
  4. ↑ 4.0 4.1 John Krnić , Victoria MACUKIĆ (2011-10-16). "U ponedjeljak odluka o sudbini centra Cascade, vlasnici više nemaju za troškove". Jutarnji list (in Croatian). Retrieved 2013-04-28. 
  5. ↑ Mark Cigoj (2011-04-23). "Crkva nezadovoljna upravom centra Cascade. Namjerava ga preuzeti od Zagorčevih nasljednika". Jutarnji list. Retrieved 2013-11-18. 
  6. ↑ Diana Kožul (2013-01-24). "Cijena Cascade centra može pasti i do jedne kune". Večernji list (in Croatian). Retrieved 2013-04-28. 
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