Hagag Development Europe begins restoration, consolidation, and refunctionalization work on Stirbei Palace

Real estate investor-developer Hagag Development Europe started the construction works for the restoration, consolidation and refunctionalization of Știrbei Palace on Calea Victoriei. H Știrbei Palace is the company’s first retail project – a concept designed to meet the specific needs of the premium market segment.

Hagag’s Commercial Department is now conducting advanced discussions with several potential tenants whose consolidated demand covers 90% of the total leasable area.

“Even after almost 200 years, Știrbei Palace continues to be the living expression of Bucharest’s ideals and aspirations translated into a material form, acting both as a testimony to the city’s history, and as a bridge between the past, the present and the future. H Știrbei Palace is one of the most anticipated commercial projects in Bucharest, in recent years. And this is not just due to the impressive architecture or the rich history of the property itself, but rather to the concept behind this amazing project. Once completed, H Știrbei Palace will be the first high-end department store to function in a historical monument building, with direct street access and exceptional positioning on one of the main ultra-central arteries in the capital city. Moreover, the project has already aroused the interest of some very prominent brands operating on the luxury goods market, and I am delighted to confirm that we are currently in advanced discussions with these brands’ representatives, whose consolidated demand covers almost 90% of the leasable area,” says Yitzhak Hagag, Co–founder and Controlling shareholder of Hagag Development Europe.

The construction works involve the restoration, consolidation and refunctionalization of the palace’s building, and will follow the line of the original project – from proportions and height regime, to facades full restoration and the refurbishment of the exterior and interior decorative elements. The project encompasses, as well, the re-edification of the former chariot house, which will serve tenants activating in the HoReCa industry. Execution will unfold over a period estimated to approximately 24 months.

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The General Contractor is the Romanian company BTDConstruct & Ambient.

“As General Contractor, we are wide aware that a project of the magnitude of H Știrbei Palace is both a challenge, and an enormous responsibility. For all parties involved. At the same time, we feel animated by the idea of contributing to such ambitious urban regeneration initiatives, and we are proud to be starting this journey with the competitive advantage of “savoir-faire”, based on the proven experience that our teams have accumulated on the renovation/redevelopment segment, in recent years. Likewise, we are confident that these joint efforts, Hagag’s and ours, will soon bring anew point of attraction on the city map: H Știrbei Palace,“ states Răzvan Pârvulescu, Head of Business Development of BTDConstruct&Ambient.

Built in 1835, Știrbei Palace was a princely residence between 1849-1856. The most extensive changes were made to the property between 1881-1891, when architect Frederich Hartmann signed the project that transformed the facades of the building, bringing them to the current layout and appearance. Architect Hartmann was also responsible for the construction project of the semicircular building destined to host the chariot house, later demolished by former owners.

Classified as a class A historical monument, Știrbei Palace in nested in the heart of Bucharest and considered to be one an invaluable and representative building for architectural, cultural, and historical heritage of Romania’s capital city.