'The District' retail complex a JV with L Real Estate, sponsored by Louis Vuitton - Moët Hennessy
Abu Dhabi’s Tourism Development and Investment Company (TDIC), has announced a joint venture partnership with L Real Estate to develop ‘The District’ in Saadiyat island’s Cultural District, a retail complex sponsored by Louis Vuitton - Moët Hennessy.
The development will cover an area on the island of 168,000m2, while the structure will comprise three levels, all above ground. The gross floor area of the project will be 258,000m2 and the total built up area 370,000m2, delivering 168,000m2 of leasable space and 550 plus units.
The project, which will be equipped with one of the largest planned outdoor high-street’s in the region, is being centrally positioned within the cultural district to interlink all three of Saadiyat’ three upcoming museums.
HE Sheikh Sultan bin Tahnoon Al Nahyan, TDIC chairman, said: “TDIC’s iconic cultural institutions, upscale residential communities and distinctive leisure facilities, is truly reflective of Abu Dhabi’s wider economic strategy of transforming the emirate into a vibrant international destination.
“This new retail destination ideally sits among Saadiyat’s inspiring museums, and will be a sought-after location for Abu Dhabi’s communities and visitors when it opens by 2017.”
The detailed design work for the project will start in 2013, while construction is due to commence in 2014, with completion expected in 2017, to coincide with the opening of the Guggenheim museum.