Case Studies
Kozzy Shopping Center
Istanbul, Turkey
Acquired through a public-private partnership with the local municipality, Kozzy Shopping Center is located in Istanbul’s Kadikoy district and is surrounded by high-rise residential buildings with middle to upper-class income levels. Due to its dense infill location and the lack of quality supply in the submarket, Amstar and its joint venture partner, Renaissance Development, identified the site as a prime candidate for a shopping center development. The municipality contributed the land through a 30-year ground lease and in return the city received a dedicated portion of the project for its own use.
As a testament to the Joint Venture’s ability to source and develop quality real estate in high barrier-to-entry markets, Kozzy has been 100% leased since its grand opening in April 2010 and was recognized by two prominent industry organizations for its excellence in construction quality, design and property performance. Kozzy won the 2010 award for “Best New Shopping Center Under 50,000 sqm” by Turkey’s Trade Council of Shopping Centers & Retailers (AMPD) and is nominated as one of two finalists for the International Council of Shopping Centers’ (ICSC) European Shopping Center Award for “Best New Development Under 20,000 sqm”.