Mihai Daraban, President of the Romanian Chamber of Commerce and Industry: “A project of such significance requires the cooperation and involvement of the public and private sectors, as well as the support of the authorities and the community.” Credit: CCIR
Development | Feature

No Expenses Spared

Europe's largest mixed-use project to date is due to be built in the Romanian capital. An investment in the amount of 2.87 billion euros has been made.

The Romanian Chamber of Commerce and Industry and the company Iulius have recently proposed an extensive development project for Romania. The mixed-use concept combines artistic, cultural, and social attractions, including opportunities for entrepreneurial support. It involves the transformation of the Romexpo Exhibition Center in Bucharest into a financial catalyst, which will result in major benefits for the community. Romexpo will be fully integrated into a mixed-use project, which will increase the potential for the sustainable and long-term development of the capital.

“Our ongoing efforts are aimed at strengthening and expanding the activities of Romexpo, which are the underlying factors behind this major investment. Our aim is to integrate Romexpo into the international circuit. Moreover, we are confident that the secondary functions will not only put us on the map of European hot spots in that area, but that they will also revitalize Bucharest in terms of social, cultural, and financial aspects. A project of such significance requires the cooperation and involvement of the public and private sectors, as well as the support of the authorities and the community,” said Mihai Daraban, President of the Romanian Chamber of Commerce and Industry.

Premium brands, service areas, as well as the latest entertainment and leisure concepts will be part of the offering of this mixed-use project. Credit: CCIR

The total value of the investment is estimated at more than 2.87 billion euros and will be carried out in phases. “The proposed project represents the materialization of a new vision of development for the entire country – one that will represent us beyond our borders and draw us closer to Europe. This project surpasses everything else that we have built so far, in terms of urban revitalization, and we are certain that it will become an international landmark. This development is about community, Romanian symbolism, and local potential,” explained Iulian Dascălu, President of Iulius.

Genuine Romanian Cultural Identity

The concept of the project is characterized by a dominant cultural component, which honors significant local cultural heritage. The location will be home to the first art museum in Romania dedicated exclusively to the sculptor Constantin Brâncuși. In addition, the central pavilion will be reconfigured into the “George Enescu” Mixed-Use Hall, thereby providing the capital city with an artistic space of international standard, which will support the potential of the contemporary cultural sector and will, via its hosted events, become a center of attraction for entertainment audiences, including those from abroad.

The project will integrate the Romexpo exhibition pavilions, which will be redesigned and upgraded, into a large conference and congress center, which will be adapted to the needs of a European capital. The cultural, social, and financial functions that have developed around the center, which provide the necessary infrastructure for the organization of major events, will serve as highlights and will ensure that the site becomes a European tourist destination in its own right.

A New Park, Solutions for Traffic Decongestion, and Urban Connectivity

As an emblem for the mixed-use projects developed by Iulius to date, the park will also serve as an anchor for urban life in the capital. The Romexpo exhibition center will be opened to the community via the introduction of successive public attractions: a central park, landscaped gardens, mature trees and lush vegetation, walking paths, an esplanade, and plazas. The new park, which will cover 30% of the project area, will provide a direct link to the Regele Mihai I al României park and a green connection from Charles de Gaulle Square to the heart of the project.

This development requires major investment in new solutions for the modernization of vehicle and pedestrian infrastructure as well as the improvement of urban accessibility. The traffic decongestion project is being developed in cooperation with a specialist company in Europe and includes the creation of new vehicle roads and the widening of certain lanes, as well as bicycle lanes and facilities that increase urban mobility. In addition, the largest parking area in Romania is also being developed, which will include more than 12,000 underground and above-ground parking spaces.

Over 30,000 Jobs, a European Lifestyle Center

The urban revitalization proposal also includes the country’s strongest business center, to be built in accordance with the principles of “green building”, which will contribute to strengthening of investment attractiveness and economic sustainability. The office component will concentrate the major multinational companies in the technology sector and beyond in one area, and it will create more than 30,000 new jobs – an infusion of human capital that will help to retain young talent. An additional 2,000 jobs are also estimated for the construction period.

In symbiosis with the social and cultural attractions, a retail complex, which complements the concept of the Lifestyle Center, will also be available. Premium brands, service areas, as well as the latest entertainment and leisure concepts will be part of the offering of this mixed-use project. It will include the largest area dedicated to local producers and retailers as part of a fresh food market concept that has been developed, a first for Romania. In addition, there will be a center for Romanian entrepreneurship, which will be unique in the country, where institutions capable of creating opportunities for local business sectors can collaborate. The Museum of Monetary History, a first-time initiative in Romania, also constitutes an unprecedented element, as does the country’s largest oceanarium, a water park that promises to be a new tourist highlight. A 5-star hotel, Which will serve as a complementary facility to the large exhibition center, will also be built in line with the requirements of a European capital city.

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