Bucharest Journal: New $3 Billion Development Project Proposed for Downtown

Ron Bernthal, Editor
Nicoleta Banila, Writer/SeeNews

                                                                                     

Romania’s Chamber of Commerce and Industry (CCIR) and real estate developer Iulius are proposing a $3.21 billion investment plan for construction of a mixed-use project around the existing Romexpo exhibition center in Bucharest, according to Nicoleta Banila of SeeNews.

Proposal from Romanian developer Iulius for new, $3.21 billion mixed-use project near the existing Romexpo exhibition center in downttown Bucharest. (rendering courtesy Iulius)

The investment would be made in stages, and the project is expected to create some 30,000 new jobs when completed in 2021. 

Based on a mixed-use concept, which combines artistic, cultural and social attractions with entrepreneurial support functions, the project aims to transform the Romexpo exhibition center into an economic catalyst for the local economy.

“We are aiming at including Romexpo into the international circuit, and we are trustful that the ancillary functions will be able to not only place us on the map of the European hot spots in the field, but also to revive Bucharest, from a social, cultural and financial perspective. A project of such significance requires the cooperation and involvement of the public and private sectors, as well as support from the authorities and the community,” said CCIR president Mihai Daraban.

The project integrates the Romexpo exhibition center in the northern part of Bucharest, which it aims to transform into a large conference and congress center, surrounded by museums, office buildings, parks, retail spaces and leisure centers. Moreover, the complex would host the largest oceanarium in Romania, a water park and a five-star hotel, according to CCIR.

Along with regional and international trade show and conference participants, the new project is expected to attract additional leisure visitors to Bucharest, Romania’s capital and largest city, where new and modern mixed-use projects, hotels, restaurants and cultural venues are recreating the city’s downtown and surburan areas in imaginative ways.

“The proposed project represents the materialization of a new development vision for the entire country, one that will represent us beyond borders, and bring us closer to Europe. It is an action that exceeds anything we have built so far in terms of urban revival, and we are certain that it will become an international landmark. This development is about community, Romanian symbols and local potential,” said Iulius president Iulian Dascalu.

The project also involves extensive investments in new solutions for the modernization of road and pedestrian infrastructure as well as for improved urban connectivity. Within the project, the largest parking lot in Romania would be built, with over 12,000 underground and above ground spaces.

Iulius Company, founded 20 years ago, has an operational portfolio comprising over 3.2 million square-feet of retail space and 2.7 million square-feet of class A office space in Romania, of which 1.1 million square-feet are under development.

Established in 1959, Romexpo is the largest exhibition center and indoor arena in Romania, primarily used for fairs, concerts, and sporting events. The complex hosts more than 150 exhibits and trade shows every year.

The huge Casa Presei Libere (House of the Free Press) is home to many of the city’s largest newspapers and is located close to the new Iulius proposed mixed-used project near Romexpo exhibition center.

CCIR is the majority shareholder of Romexpo SA, the company that runs the exhibition centre.In 2017, CCIR and Stoneberg, a company of Iulius group, signed an agreement for the management of the central pavilion within the exhibition centre, according to local media reports.

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