IULIUS Company has announced the launch of a major redevelopment project for the Palas Iași mixed-use complex. The redesign is based on a concept developed by the renowned architectural firm Foster + Partners, marking the firm’s first fully implemented project in Romania. The project will be carried out in stages and aims to enhance the existing retail, leisure, and public spaces within the complex. The retail component will be expanded, with the total leasable area set to surpass 80,000 square metres. The esplanade in front of the Luceafărul Theater will be reimagined as a green space and a venue for events. New regional and international fashion, sports, and department store brands will be introduced, along with flagship formats for anchor tenants. The redevelopment will also include new entertainment areas for families and children, more flexible event spaces, and an expanded park that will incorporate interactive and relaxation zones. The current events centre will be relocated and upgraded, offering four halls with a total capacity of 1,000 people. Additional underground parking will be added, and the connection to the nearby Palace of Culture will be enhanced through sustainable and aesthetically integrated landscaping and design. This phase of development represents an investment of approximately EUR 80 million, bringing IULIUS’s total investment in the city centre of Iași to over EUR 520 million. The updated vision for Palas Iași seeks to build on the relationship that residents and visitors already have with the space—emphasising green areas, inclusive experiences, architectural continuity with the Palace of Culture, and a diverse retail and dining environment. Foster + Partners, known for designing iconic and sustainable structures worldwide, is leading the design process, handling the project in its entirety, including all technical specifications. According to Raluca Munteanu, Development Manager at IULIUS, the redevelopment is about ensuring long-term relevance. She stated that while Palas is already a successful project, it must continue to evolve alongside the needs of the community. The transformation is intended to better integrate the complex into the city through added green areas, family-oriented spaces, and a refreshed commercial and leisure offer. Munteanu highlighted that the involvement of Foster + Partners places Iași on the international map of architecture and urban planning, but the real focus remains on creating meaningful spaces for the people who live in and visit the city.