With the real estate and financial problems in the U.S., and similar troublesome economic news around the world, it's a refreshing change of pace to read upbeat news from Turkey. Particularly now, with the residential market problems beginning to rear their heads in the U.S. Commercial real estate picture, Turkey's commercial news is stunning, with a green tint.
Gordon Shopping Center - On Thursday, September 17th, Gordon Shopping Center opened its doors in Ankara. With around 50,000 square meters and 165 stores, there's no shortage of shopping opportunity, as well as dining in a wide variety of restaurants and cafes. Key tenants include Carrefour, Electroworld, Zara, C&A and Marks & Spencer. Among brands represented are Cinebonus, Zara Home, Massimo Dutti, Stradivarius, Bershka, Oysho, Pull and Bear, Network, Fabrika, Benetton, Teknosa, Koton, LC Waikiki and Nike.
Gordon Shopping Center is the first BREEAM-certified building and green shopping center in Ankara. The unique design and attention to leisure space make this shopping center a welcome addition to the city.
Massive Green Project in Istanbul – RMJM, an international architecture practice, and real estate development company VARYAP have announced a $1 billion USD project in Istanbul's Atasehir district. On more than 372,000 square meters, the plan is to place 1500 residential units, a 60 story tower, five star hotel, offices and conference facilities.
This green project combines wind turbine technology, rainwater collection, cooling water pools, and a co-generation plant. With project completion expected in 2011, the new occupants will enjoy decreased energy consumption, but also dramatic views of the Bosphorus Strait in the west, and the Princes' Islands and the Sea of Marmara to the south.
Italy Planning Expanded Investments in Turkey – With current investments in Turkey concentrated in the west, Italy is planning to expand their investments throughout Turkey in the near future. About 714 Italian companies currently do business in Turkey, including Pirelli, Fiat Italcementi and UniCredit. Italy's USD 5 billion in direct investments in Turkey account for about 3% of overall foreign investment in the country, and current trade between the two countries is around USD 20 billion.
Italy follows only Russia and Germany as Italy's third largest trade partner. Visits are scheduled for Italian business to explore the development of technoparks in various areas of Turkey.
Whether green construction or technoparks, Turkey's future is looking very bright when it comes to major development and increased foreign investment.