IULIUS Started the Most Extensive Transformation of Palas Iași

This September, IULIUS Company started the first phase of an extensive project for revamping and upgrading the Palas Iași mixed-use complex. Based on a concept developed for the first time in Romania by Foster + Partners, the project will revitalize downtown Iași: more green spaces, innovative retail concepts, new experiences, fitting harmoniously with the cultural and historical diversity of the area. Palas Iași is one of the best-performing mixed-use projects in Romania, with more than 22.2 million visits last year. The remodeling is estimated around EUR 80 million, raising the investment made by IULIUS in downtown Iași upwards of EUR 520-million. The total leasable retail area will increase to 80,000 sqm.

The transformation seeks to optimize the existing spaces and the fitting out of new shopping areas. This process does not involve the construction of new buildings.

“We are excited to begin the remodeling of Palas, a project that takes urban regeneration to the next level owing to the innovative and sustainable vision proposed by the Foster + Partners team of architects. The result will be spectacular and will reflect the special attachment IULIUS has to Iași: a revitalized urban experience, a greener Palas that is better connected with the city, a more attractive space for the community, with more shopping and leisure options. We have designed this process in phases to minimize its impact on the visitors and the business of the complex,” said Raluca Munteanu, Development Manager for IULIUS.