Real estate developer Iulius is set to invest approximately EUR 80 million in remodeling the Palas Iași mixed-use complex based on a concept by Foster + Partners. This marks the world-acclaimed architecture firm's first project implemented in Romania.
The upcoming EUR 80 million transformation of Palas Iași will raise to over EUR 520 million the investment that Iulius has made in the city's downtown area.
The project will be carried out in phases to ensure the complex remains operational, with initial work beginning this March, the developer announced.
A major highlight of the investment is the expansion of retail space to over 80,000 square meters, featuring first-to-region international brands, flagship stores, and a dedicated sports retail zone. The shopping area will also see the arrival of luxury and lifestyle brands, with Italian fashion house FURLA already opening its first store outside Bucharest, and JD Sports set to follow soon.
Also, the esplanade in front of the Luceafărul Theater will be redesigned into a public agora with additional vegetation, an outdoor amphitheater, and spaces dedicated to families. The Palas Garden will also be revamped with new interactive zones for children, outdoor waterfalls, and larger green spaces.
Another key element is the relocation and expansion of the Congress Hall conference center, which will feature four halls with a total capacity of 1,000 people, offering modern amenities and panoramic views of the Palace of Culture.
In addition, the architectural concept will enhance the connection between Palas and the Palace of Culture, incorporating more natural light in the Atrium and creating new sightlines towards the historic landmark.
The remodeling will incorporate green spaces, tree-lined pedestrian walkways, and landscaped areas that integrate archaeological findings from the 1960s, making them accessible to the public as part of the city's cultural circuit.
Opened in May 2012, Palas Iași is the largest real estate investment in the north-east of Romania, adding up to more than EUR 320 million. Located next to the Palace of Culture, Palas is the first mixed-use project in Romania and includes 270+ stores, seven class-A office buildings (75,600 sqm), plus Palas Campus, the largest office building in Romania developed in close proximity (60,000 sqm), an events center, a 4-star hotel, themed restaurants and coffee shops, a park spanning on 50,000 sqm, carousel, seasonal skating rink, and other leisure facilities, as well as the largest underground parking facility in Romania accommodating 2,500+ parking places.
irina.marica@romania-insider.com
(Photo source: Iulius)
