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Unibail-Rodamco, Nexity to develop mixed-use project in France

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Unibail-Rodamco, Nexity to develop mixed-use project in France

Unibail-Rodamco SE and real estate developer Nexity plan to develop a mixed-use project on their newly purchased land in Versailles-Chantiers, France, Europe Real Estate reported.

The project will include an office block and 22,300 square meters of street-level retail space. Also to be developed on the land plot is a residential block with services provided for social, family, student and senior residences, and a 21,200-square-meter nursery.

Deputy Mayor of Versailles François de Mazières has endorsed the sale of the land plot for the project to Unibail-Rodamco and Nexity, marking the end of negotiations initiated by him after he was elected in 2008.

The overall operating cost of the development that the city has to bear has been reduced to €20 million, owing to more efficient land utilization. The overall cost was initially valued at €47 million in 2008.

The project is expected to break ground in January 2017, with completion slated for the first quarter of 2019.