Site of the former Hyatt Regency will be turned into a HK$1 billion 30-storey shopping and cinema complex 67 Nathan Road, one of Hong Kong's famous addresses in the 1960s and 1970s that was home to the former Hyatt Regency, is hoping to get back in the spotlight with a brand new look, as a HK$1 billion modern retail and entertainment complex. The 30-storey shopping centre, called iSquare, will provide about 600,000 square feet of gross floor area and accommodate shops, cinemas and restaurants when it is completed in 2009. 'Unlike the style of the [former] Hyatt Regency, the new building emphasises light and transparency,' said Lawrence Heung, a director at DTZ Debenham Tie Leung's retail division. DTZ is the consultant for the retail complex. Subject to the final design, iSquare's main draw for consumers will be a four-storey cinema with 1,000 seats covered with blue-coloured glass walls located in the middle of the complex. The complex, developed by Associated International Hotels, includes a 12-storey podium and a 14-storey tower catering to restaurants and lifestyle and beauty shops. The components aims to avoid the failure of Ginza-style vertical malls which was once a development trend in 1990s, according to property consultants. 'Ginza malls were not successful as each shop was individual with no linkage between one another. And the floor space of 1,000 to 2,000 square feet is too small,' said Colliers International research and consultancy director Simon Lo. Situated in a prime location on Nathan Road and close to MTR stations, Mr Heung believes iSquare will be a major shopping mall for local shoppers and tourists. Its popularity would also be helped by a number of new shopping complexes such as Tung Ying Building, which would be turned into an office-retail tower, comprising about 600,000 sqft, including retail space of at least 300,000 sqft, Mr Heung said. The Tung Ying redevelopment will also be completed by 2009. Meanwhile, New World Development and the Urban Renewal Authority is building a one million square foot tower in Hanoi Road, which will have more than 300,000 sqft of new shopping space. Property consultants said the landlord of iSquare would reap higher returns than from the Hyatt Regency. Rents for street shops in Tsim Sha Tsui range from HK$300 to HK$700 per square foot. Shop rents at Harbour City on Canton Road are estimated by agents at more than HK$200 per square foot. They believe iSquare will achieve the same popularity as the Hyatt Regency in the 1970s. The Hyatt Regency, known as the President Hotel before 1969, was previously one of the city's most fashionable places. In the 1960s and 1970s, it was the town's showbiz hotspot, attracting musicians and celebrities.