PARIS, Jan 15 (Reuters) - Commerical property group Unibail Rodamco is planning a new up-market shopping mall on the French Riviera, the real-estate group’s chief executive said on Tuesday.
The new site is part of a project called “Polygone Riviera”, Guillaume Poitrinal told a news conference, saying the 350 million-euro ($467.81 million) cost of the development will be shared with family-owned hotel and shopping mall developer Socri. He declined to say how the costs would be split.
“It will be an open-roofed mall, a promenade,” said Poitrinal. “We are facing two big rocks ahead ... the consumer crisis and, in addition, the Internet.”
The mall, to be based in the coastal town of Cagnes-sur-Mer, near Cannes, will cover an area of 75,000 square metres and create 1,500 jobs, Poitrinal said. ($1 = 0.7482 euros) (Reporting By Lionel Laurent; Editing by Greg Mahlich)