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Caojiadu area readies for shopping plaza

THE city's northwestern Caojiadu area is expected to open a 3 billion yuan (US$439 million) retail and office complex by December, the first major stage in a government-planned redevelopment project that will ultimately involve 400,000 square meters of high-quality retail and office space.

Plaza 889 will be located at the intersection of Wanhangdu Road and Changshou Road, which has 1.2 million people currently passing through the area every day.

"It might take about two years to enhance the area's overall retail scene as the whole upgrading project is still in its early stages," said Raymond Wei, director of local-operation retail at DTZ, one of the "big four" global real estate advisers operating across the world. "It could be positioned as a community shopping area mainly targeting mid-range customers."

Plaza 889 will cater to the needs of families seeking "lifestyle shopping experiences," according to its property manager, Insite, an asset management company funded by the Blackstone Group.

Under a previously released government blueprint, Cao°?jiadu will be transformed into one of the city's 12 major commercial centers over the coming few years.


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