Hagag Development Europe receives building permit for the renovation works of H Știrbei Palace

Hagag Development Europe received a building permit for the consolidation and renovation works on Știrbei Palace, its property located on 107 Calea Victoriei, in Bucharest. The company has initiated the tender process for the selection of the general contractor for its first project dedicated to the retail market: H Știrbei Palace.

The palace building will be fully refursbished and consolidated and its original proportions and height regime preserved, while the facades and the external and internal decorative elements will be restored to their original appearance, following the design of the initial project. The building is classified as a class A historical monument, being considered one of the most prestigious and representative buildings in Bucharest, due to its architectural, cultural and historical heritage value.

“Știrbei Palace is one of the most impressive buildings in Bucharest. Its architecture, the neoclassical decorative elements and its proportions were impressive back in 1835, when it was built, and they are just as spectacular now, in 2022 - even if today the property finds itself in an advanced state of degradation. For us, as real estate investors and developers with extensive experience in the segment of urban renewal through the reconversion of old buildings, it is both a pleasure and an honour to own such a property in our local portfolio. We are happy to be the ones that, approximately 200 years after the inauguration of the original construction, will write a new chapter in the history of this monumental building, so valuable for the city", says Yithzak Hagag, Co-founder and shareholder of Hagag Development Europe.