This September, IULIUS Company started the first phase of an extensive project for revamping and upgrading the Palas Iași mixed-use complex. Based on a concept developed for the first time in Romania by Foster + Partners, the project will revitalize downtown Iași: more green spaces, innovative retail concepts, new experiences, fitting harmoniously with the cultural and historical diversity of the area. Palas Iași is one of the best-performing mixed-use projects in Romania, with more than 22.2 million visits last year. The remodeling is estimated around 80 million Euro, raising the investment made by IULIUS in downtown Iași upwards of 520-million Euro. The total leasable retail area will increase to 80,000 sqm.
The transformation seeks to optimize the existing spaces and the fitting out of new shopping areas. This process does not involve the construction of new buildings.
The first phase seeks to transform the esplanade area of the “Luceafărul” Theater for Children and Young People, one of the access points to Palas Iași. The works will start with the archeological research of the perimeter, as Palas is located in the historical center of the city. This phase includes interventions beneath the esplanade, where additional retail spaces will be developed and directly connected to the mall, along with new parking areas. Once completed, the esplanade will be transformed into a greener space featuring relaxation areas, restaurants and terraces, an open-air urban amphitheater, and family-friendly facilities.
“We are excited to begin the remodeling of Palas, a project that takes urban regeneration to the next level owing to the innovative and sustainable vision proposed by the Foster + Partners team of architects. The result will be spectacular and will reflect the special attachment IULIUS has to Iași: a revitalized urban experience, a greener Palas that is better connected with the city, a more attractive space for the community, with more shopping and leisure options. We have designed this process in phases to minimize its impact on the visitors and the business of the complex,” said Raluca Munteanu, Development Manager for IULIUS.
The remodeling of the complex reflects IULIUS’ drive to consolidate the relevance of the flagship project in its portfolio, while also addressing the increased interest of international retailers in establishing or expanding their presence in the most dynamic regional shopping center.
Palas will include store expansions and the implementation of new flagship store formats for the current main anchors, new fashion, department store, jewelry, sports, beauty brands for the first time in the region, play areas for children and entertainment centers for all ages, as well as new food & beverage concepts.
This year saw new brand entries and expansions of existing stores, such as: FURLA (the first store outside the Capital), JDSports, Nike, BUZZ, Crocs, LEGO®, Levi’s, Stay Fit Gym, Gioelia, Hervis Sports.Other highly anticipated brands are set to open stores in the near future, including the Irish retailer Primark, Sport Guru, Sport Vision, and All Mountain – the exclusive importer and official distributor of The North Face and Patagonia in Romania.
The Palas development will continue with architectural interventions that will showcase the connection with the Palace of Culture by means of green design. The Atrium, the central area of the retail building, will feature generous glazed areas to provide enhanced natural lighting levels and a spectacular view of the Palace of Culture.
Palas Garden will be remodeled and will include the creation of new promenade routes, cascading water features, relaxation areas, and outdoor activities. The Congress Hall conference center will be relocated into a new space, with a panoramic view of the Palace of Culture, and will include 4 halls with a 1,000 seats capacity, and state-of-the-art facilities.
The constant drive of IULIUS Company, which was the first in Romania to propose urban regeneration concepts in Iași and Timișoara, is to create projects that address the specific needs of cities, generate economic growth, and contribute to a better quality of life. The Palas Iași development being kick started now is part of the same effort to provide innovative solutions to the challenges of a constantly changing society.
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About Foster+ Partners
Foster + Partners is a global studio for architecture, urbanism and design,rooted in sustainability, which was founded over fifty years ago in 1967 by Norman Foster. Since then, he and the team around him have established a ninternational practice with a worldwide reputation for thoughtful and pioneering design, working as a single studio that is both ethnically and culturally diverse. The studio integrates the skills of architecture with engineering, both structural and environmental, urbanism, interior and industrial design, model and film making, aeronautics and many more – our collegiate working environment is similar to a compact university. These diverse skills make us capable of tackling a wide range of projects, particularly those of considerable complexity and scale.
The portfolio of Foster+Partners includes important edifices, such as the Apple headquarters (Apple Park) in California, the European headquarters of the Bloomberg news agency in London (considered the most sustainable office building in 2018), the famous 30 St Mary Axe office building (The Gherkin) in London, the Great Court at the British Museum in London, and the transformation of the Reichstag, i.e. the German Parliament building.
About Palas Iași
Opened in May 2012, Palas Iași is the largest real estate investment in the east of Romania, adding up to more than 320 million Euro. Located next to the Palace of Culture, Palas is the first mixed-use project in Romania and includes: 270-plus 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* 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-plus parking places. The distinctive and complex mix of shopping and entertainment in Palas draws more than 22.2million visitors every year, including visitors from the Republic of Moldova.
IULIUS Company is a developer and operator specialized in ample mixed-use urban regeneration projects based in Romania, with more than 25 years of real estate experience, and operating in four major Romanian cities, namely Iași,Timișoara, Cluj-Napoca, and Suceava. Its investments add up to more than 1.2billion Euro. The company portfolio comprises two mixed-use projects (Palas Iași and Iulius Town Timișoara), the nation wide Iulius Mall network (Iași, Cluj-Napoca, and Suceava), two Family Market convenience retail projects(Iași), and 15 office buildings in Iași, Timișoara, and Cluj-Napoca. The portfolio includes more than 320,000 square meters of retail space and the projects are regional market leaders, drawing more than 73 million visitor severy year. The company is currently developing two other major urban reconversion mixed-use projects located in Cluj-Napoca and Constanţa, these investments being estimated upwards of 1.3 billion Euro.
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