NEW BILL TO REGULATE UNDERGROUND CONSTRUCTION
A new bill moved for approval to the Bulgarian parliament will regulate the construction of underground retail, office and parking facilities and of air bridges between high-rises.
The changes to the Spatial Development Act aim to address the looming shortage of buildable sites in major metropolitan and resort areas.
Investors will be required to prepare detailed masterplans, secure the approval of the respective municipality, purchase the building right and indemnify the owners - if any, of properties overlying their underground development.
The amendments are expected to jump-start several projects which have been sidelined due to the lack of necessary legislation.
One of them is the make-over of Sofia's Cherni Vrah boulevard which includes the rerouting of traffic under the street level and building an underground shopping mall and two high-rises with 24 and 35 floors.
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