VILNIUS - A group of Danish and local investors announced that they intend to build a mega-business center in Vilnius that will cost some 2 billion litas (580 million euros).
Danish-owned World Trade Centers Vilnius and Baltic Petroleum, a Lithuanian fuel retailer, said they would build the 12-story World Trade Center by 2010 near the city's southern bypass highway that is currently under construction.
WTC Vilnius President Bill Nielsen said in a statement that the decision to develop a partnership with a local business was in line with the WTC's principles of cooperation.
The WTC complex will have a total area of 200,000 square meters, including 80,000 square meters of office buildings with conference facilities and a movie theater. It will also comprise a 300-room hotel, luxury apartments, a university, shops, a health care complex and a private hospital.
"This will not be a traditional [world trade center]. We will create a new European version of the center," said Lars Heilesen, a WTC Vilnius representative.
"We have plans not only to construct the WTC building, but also to develop a whole neighborhood centered around the trade center," he added.
The new complex will be a member of the World Trade Centers Association, one of the largest international trade organizations with some 300 WTCs in almost 100 countries.
Baltic Petroleum, a company founded by Lithuanian private individuals, currently runs more than 30 filling stations in Lithuania.