City Council of Kotka in Finland has given approval for construction of the nation's first Waterfront Designer Outlet Village at the Port of HaminaKotka.
To be named Kotka Old Port, the new commercial development is expected to feature a series of retail outlets in a shopping centre, along with two new hotels, restaurants, museums, event arenas and apartments.
Planned as a designer shopping destination, the village will also house a marina in the boating hub of the Gulf of Finland in the Baltic Sea, with terminals for ferries and cruise ships.
Kotka Old Port will be prepared in multiple phases with the first starting this year, to create parking spaces for 100 outlet stores, which is scheduled to be finished in mid-2017.
Once fully constructed, the entire shopping centre will hold more than 200 outlet stores, including a wide range of fashion, sportswear and lifestyle brands.
Leasing processes for the outlets have already been initiated for the complex.
GVA Sawyer and Milligan Retail are the developers for the Kotka Old Port project.
Milligan Retail Leasing head Melanie Taylor said: "What the brands are responding well to is the fact that it will be a leisure destination as well as an outlet."
The planned development, located at the waterfront, will be spread over a land area of 20ha.
GVA Sawyer chairman Cameron Sawyer said: "The Kotka Old Port plan is a rare opportunity to establish a major waterfront outlet and visitors' destination hub within walking distance of everything in town."