Romanian developer Iulius has begun the first phase of a major modernisation project for the Palas mixed-use complex in Iași.
The total value of the redevelopment is estimated at €80 million, an investment that will bring the total capital injected by Iulius into the area to over €520 million.
The new concept, designed by Foster + Partners, will revitalise the urban centre by expanding green spaces and adding new options for socialising and relaxation. The total retail area will increase to 80,000 sqm without new buildings being constructed.
Raluca Munteanu, Development Director at Iulius, said: "The result will be spectacular and will reflect Iulius's special attachment: a revitalised urban experience, a greener Palas that is better connected with the city and more attractive to the community, with multiple options for shopping and leisure. We have designed this process in stages to minimise the impact on visitors and the complex's activities."
The first phase of the project targets the Luceafărul Theatre esplanade, an access area to Palas. Additional retail spaces, directly connected to the mall, and new parking spaces will be set up under the esplanade.
The transformation of the complex also responds to the growing demand from international retailers to be present or expand their stores in Palas.
New flagship store formats will be implemented for current brands, and new fashion, jewellery, sports, and cosmetics brands will be introduced.
