IULIUS’ Palas Iasi project becomes the largest urban regeneration development in Romania

Mihai Cristea 02/03/2020 | 14:27

IULIUS has recently received the authorities’ approval for the development of new projects in Iași, targeting the expansion of the first mixed-use project in Romania, Palas, including by reconversion of certain underdeveloped downtown areas in the vicinity, and integration thereof in the main business hub in the area. Along with these new developments, Palas Iași will reach an investment value of almost half a billion Euros, the biggest one in the country allocated to an urban regeneration project and will give back to the community an area that is currently underused and degrading.

 

The new investment of the IULIUS company will amount to more than 160 million Euros, in a first phase. Including the Palas project, which so far has involved investments of approximately 310 million Euros, IULIUS’ capital injection in Iaşi will exceed 470 million Euros. The substantial financial contribution translates into multiple benefits for the entire community: development of the largest business center in the region, with an additional 75,000 sqm new A-class office spaces, creation of more than 10,000 jobs, traffic optimization by construction of new vehicular and pedestrian accesses and upgrading of the existing roads, additional parking spaces, bike lanes and parking areas, as well as new parks.

The Palas expansion will include a 10-story office building with a 17,000 sqm leasable area which will be integrated into the project by fitting green spaces and pedestrian connections. Also, a six-story office building with a 5,600 sqm area is also currently under construction in the complex. The building will benefit from walkable outdoor terraces with a tiered layout and will be delivered to the market this year.

Moreover, an important role of this action is to turn a downtown area of Iași (Sf. Andrei), currently underdeveloped, fragmented, and degrading, into a metropolitan one. This will be achieved by constructing a vast project, UBC Campus, an office building with several sections, having a horizontal layout and a vertical structure comprising a maximum 7 stories. The leasable area of the campus will be approximately 51,000 sqm and is conceived as an integrated mixed project, with office, retail and leisure use. Moreover, a hotel and a residential building have been endorsed, the height of which will also be a maximum 7 stories. In a subsequent phase, in the same area, IULIUS will organize for the rest of the site an international urban development and architecture contest, and the solution thereof in terms of a new office building will be integrated in the project. The new investment will give back to the community this area that is in contrast with a European city downtown, making it attractive both for the community, as well as for the investors.

The project entails investments upwards of EUR 3 million in infrastructure works, which will have a significant input towards increasing the connectivity and accessibility in the area: a new thoroughfare will be built, connecting two main central boulevards, while other adjacent streets will be widened and modernized. Furthermore, IULIUS places great emphasis on the development of urban mobility and traffic decongestion by encouraging the use of alternative transportation means, thus new pedestrian access points and more than 1,000 sqm of bike lanes will also be fitted. Substantial investments will also be committed to modernizing the public utilities infrastructure and creating new networks.

Another EUR 25 million will be allotted to fitting new underground parking spaces, which alongside the parking spaces already available in Palas, will enable the community to benefit from 3,200 parking spaces in the downtown of Iași. In addition to these, the project also provides for the creation of 500-plus bike parking spaces.

The new project also includes a “green” component, an EUR 3 million-plus investment in new green spaces, set to include artesian fountains, pedestrian alleys, trees and various plants. The landscape design will be undertaken by the same international team of specialists that created the parks in Palas and Iulius Town Timișoara.

The new office spaces are designed in accordance with “green building” principles, being fitted with state-of-the-art and low energy consumption systems, fixtures and equipment. These will deliver an aggregate of approximately 75,000 sqm of A-class office spaces, which will lead to the strengthening of the business center of Iași, which will attract new companies and will support the development plans of the already existing ones. Moreover, the 10,000-plus new jobs will add to the retention of talents in Iaşi and provide career opportunities for the graduates of the universities in the city.

Thus, the IULIUS company continues the mission started in Iași with the opening of Palas, the first mixed-use project in Romania and the only one in the north-eastern region of the country, the new large scale investment also supporting the economic and social development of the city, and helping boost the standard of living.

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Palas Iași is the largest and most dynamic business destination outside the Capital, including six A-class office buildings, with an aggregate area exceeding 70,000 sqm, where more than 50 companies and approximately 8,000 employees are conducting their business. Moreover, it includes Palas Mall and Palas Shopping Street, with more than 270 stores, a 5 hectares-plus park, the largest underground parking lot in Romania with 2,500 spaces, restaurants and themed cafes, the largest food court in the region, an event center comprising five premium halls, an open air amphitheater and multiple entertainment facilities. Palas is the main shopping and leisure hotspot in the region, and annually attracts more than 18.4 million visitors.

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