Romanian “mall king” wants to develop EUR 2 bln mini-town in northern Bucharest

Romanian investor Iulian Dascalu, known as the biggest local mall owner, has made the first steps for the development of the biggest real estate project in Romania’s history, a mixed project worth over EUR 2 billion around Bucharest’s exhibition center Romexpo, in the northern part of the city, Ziarul Financiar reported.

Dascalu is partner in this project with Romania’s Chamber of Commerce and Industry – CCIR, which controls Romexpo and has the right to use the land around the complex, which is owned by the Romanian state, based on a long-term agreement.

The investors will develop 14 new buildings, including the next tallest building in Romania, and all the services necessary for a mini-town.

The project will include office and residential buildings, a mall, a five-star hotel and a fresh market for local producers.

It will also have a cultural center and the exhibition center will be modernized and new exhibition spaces will be added.

Over 20,000 people will work in the whole project, which will also have the biggest parking lot in Romania, with a total area of 42 hectares and over 12,000 parking spaces.

The highlight of the project will be a tower with 41 floors that will be almost 180 high.

Dascalu’s Iulius Group is currently building a 155-meter office tower in Timisoara, in the Iulius Town mixed project, which will be the tallest building in Romania when completed. Currently, the tallest building is the Sky Tower in Bucharest – 137 meters.

Iulian Dascalu has developed two of the largest mixed projects in Romania, so far, namely Palas Iasi, next to the Culture Palace in Iasi, and Iulius Town Timisoara. The development of Iulius Town, around the existing Iulius Mall in Timisoara, required investments of over EUR 200 million.

Besides the two projects, Dascalu also owns the Iulius Mall in Cluj-Napoca, which also has office spaces next to it, the Iulius Mall in Iasi and Iulius Mall Suceava.

(Photo: Pixabay)