REDEVCO: THE POTENTIAL OF ICONIC BUILDINGS FOR THE HIGH STREETS OF PARIS

In the context of Redevco’s mission to lead the transformation of cities to ensure they are sustainable and liveable, Redevco aims to revitalize the high streets of the shopping and fashion metropolis of Paris. Redevco’s philosophy is to create exceptional, lively, and connected venues so that users and visitors enjoy being in. “Our ambition is to transform each asset into an iconic place, custom-designed andtailor made, integrated perfectly into its urban environment,” says Thierry Cahierre, Co-Head Client & Fund Management Redevco.

In 2023 Redevco started refurbishing the Haussmann building in Paris, an asset it has held for more than 30 years. A few weeks later, the company also announced the redevelopment of 126 Rivoli. Both buildings are located on one of the capital’s main shopping streets, and the redevelopment aims to revitalize areas where history, culture, and retail meet more strongly in the best possible way. Both Paris-based projects demonstrate the company’s commitment to being a city-center player, designing high-quality, experiential living environments based around retail stores and mixed activities.

Refurbishment of Boulevard Haussmann 49

The refurbishment of Haussmann 49 is taking place on one of the Parisian main streets, opposite the big department stores, Le Printemps and Galeries Lafayette, and in a district where tourists and Parisians converge, boasting 56 million pedestrians per year and exceptional accessibility and visibility. It is a vibrant hyper-commercial environment with remarkably diverse offerings, an area teeming with cultures and encounters. Entitled ‘H’ and strongly committed to its goals, the project has significant environmental and societal ambitions, in line with the commitments and precepts of the Redevco group to lead the transformation of cities.

Principally, refurbishing the iconic building entails redesigning the retail units, occupying more than 6,500 sq m spread over four levels from the basement up to the second floor. The project also involves embellishing the facades, including partially refurbishing the listed Moorish façade on Rue des Mathurins. Built in the early 20^th century, this asset of more than 15,000 sq m also hosts 6,000 sq m of offices with a green patio and six levels of underground parking.

“We have a big constraint in the redevelopment due to the urbanistic laws, we cannot reduce or create any retail square meters,” says Cécile Pouzadoux, Portfolio Director Redevco France. “It would have been easier to equip the second floor with offices, as attracting consumers to the second floor is difficult. But this constraint motivates us to find creative solutions.” Therefore, integrated into an exceptional urban fabric, H will develop more than just square meters and become a genuine space for expression, hosting flagship stores with solid and innovative concepts. The project is dedicated to retail activities and, as a common thread through all those activities, integrating a strong eco-responsible dimension, encouraging creativity and encounters. On each level, showroom spaces will enhance the concepts presented, embodying H’s committed, collaborative, and creative positioning.

“Projects like these show that in changing times, the key is to remain agile, to be willing to adapt our mindset, and to keep an eye on trends constantly,” states Pouzadoux. “Even though we are only redeveloping the retail part, we have to think about the entire building, which is already a mixed-use building,” adds Vanessa Medioni, Head of Communications France. “This is one of the biggest learnings of our projects Promenade Sainte-Catherine in Bordeaux and Le31 in Lille.” For Haussmann, this also means thinking about the future use of offices or parking. The latter is especially valid for an almost car-free city center like Paris, where only cars are allowed in a few remaining streets.

To make use of the full potential of the building, Redevco introduced the concept “Stories by Redevco” in the Boulevard Haussmann asset. The idea is to turn physical spaces into marketing channels. Stories by Redevco was also implemented in Promenade Sainte-Catherine, Bordeaux. It is a concept where, for a limited amount of time, people can experience brands by enjoying activities beyond selling products. Therefore, experimental retail places are created to attract more customers and new brands. “Our partners and tenants are willing to reinvent themselves, and we are happy to provide places where they can do so,” says Medioni. “The idea is to use the asset as media”. The shop changes constantly, so consumers can experience something new whenever they come. In the case of Haussmann, “Stories by Redevco” also allows the company, while the building is being redeveloped, to still use and rent out part of the space. The shop at Haussmann is 170 sq m. “This way, we are pushing the concept of Stories forward. We do not close, but we offer brands exclusive spaces to launch campaigns and concepts and give them a podium”, adds Pouzadoux. As an example, the Boulevard Haussmann asset provides a stage various brands, also welcoming private and public events such as fashion week shows, launching parties of new products or artistic fairs.

Redevelopment of 126 Rivoli

Redeveloping the historic building 126 Rivoli, which Redevco acquired in 1965, also started in mid-2023. This revitalization project is located in the historic heart of Paris on Rue de Rivoli between the Louvre, Notre Dame, and the Hôtel de Ville and on one of Europe’s top 10 busiest shopping streets that attracts almost 1 million visitors a month. It is an exceptional location that benefits from unrivaled accessibility and visibility in a hyper-dynamic, fast-changing setting.

The mixed-use and socially engaged project, designed by Franklin Azzi Architecture, aims to respond to modern retail requirements and new lifestyle trends as well as for environmental excellence. Tailor-made according to Redevco’s principles of urban haute couture, once redeveloped, the building will offer 13,000 sq m of space spread over nine levels, with 3,000 sq m retail on three floors, 4,000 sq m offices on three floors, urban logistics, a lifestyle hotel, and a restaurant, all nestling under an extensive rooftop garden with an exceptional 360-degree view of Paris.

The redevelopment of existing buildings, necessary to create new destinations, must consider the various ESG-related topics and comply with regulations being developed and implemented. The new space at 126 Rivoli marries significant environmental and societal ambitions in line with the commitments and precepts of the Redevco group, whose mission is to achieve net-zero carbon across all its real estate assets by 2040. The project aims to be certified BREEAM Excellent for the construction and operating phases.

“So far, this building was purely office and retail with opening hours during the day,” says Pouzadoux. “We plan to open the building in several ways now: we open the three facades more towards the streets, but with the integration of seven use types and especially the rooftop, we want people to enjoy and use the building almost around the clock.”

“The name of the building is ‘BPM,’ meaning ‘Beats Per Minute’,” explains Medioni. “We are putting a lot of energy into this project’s terms of programming. We also motivated our partners to deal with innovative activities and talk to each other to create a real community space.” Therefore, every minute of the day, the activities in the building might change. “In the morning, we might have yoga classes on the rooftop; in the evening, it will be about dining – important is that every part and every demand of the community is represented,” says Medioni.

’H’ on Boulevard Haussmann is planned to be finalized and delivered end of 2025 and ‘BPM’ on Rue de Rivoli is expected to be ready in 2026.