Gulf Related, a joint venture between asset management firm Gulf Capital and Related Companies, revealed the blueprint for 2.3-million-square-foot Sowwah Central, which will include a mega-mall, a 300-room hotel and a 120-unit apartment tower.
The development, designed by architect Elkus Manfredi, will be anchored by two major department stores and will feature a movie theater, an entertainment center, 300 fashion retailers, 80 dining places and a luxury health club. The complex will rise on a 13-acre plot on Al Maryah Island, with an opening date in 2017.
This is Gulf Related’s second project in the area; the developer teamed up with Mubadala Development to build The Galleria mall, which will boast retailers such as Louis Vuitton, Dior, Burberry, Prada, Gucci and Cartier when it opens in August.
Gulf Related may assume debt to fund up to 60 percent of the Sowwah Central project, according to Related CEO Kenneth Himmel, Bloomberg reported Himmel did not specify the amount of equity Gulf Related will invest in the development or the price of the land.
Abu Dhabi announced earlier this month that it intends to spend $89.9 billion on large-scale infrastructure and residential projects.