Developer Hagag Development kicks off restoration of Bucharest’s Știrbei Palace

Real estate investor-developer Hagag Development Europe started the works for the restoration, consolidation, and refunctionalization of Știrbei Palace on Calea Victoriei in downtown Bucharest. The building is a class A historical monument.

H Știrbei Palace is the company’s first retail project.

“Even after almost 200 years, Știrbei Palace continues to be the living expression of Bucharest’s ideals and aspirations translated into a material form, acting both as a testimony to the city’s history and as a bridge between the past, the present, and the future. H Știrbei Palace is one of the most anticipated commercial projects in Bucharest in recent years,” said Yitzhak Hagag, co-founder and controlling shareholder of Hagag Development Europe.

Once completed, H Știrbei Palace will be the first high-end department store to function in a historical monument building. The project has already received the interest of luxury goods brands, according to Yitzhak Hagag.

The construction works include the restoration, consolidation, and refunctionalization of the palace building and will follow the specifications of the original project - from proportions and height to the facade’s full restoration and the refurbishment of the exterior and interior decorative elements. The project also encompasses re-edifying the former chariot house, which will serve tenants operating in the HoReCa industry. Execution will unfold over approximately 24 months.

The General Contractor is the Romanian company BTDConstruct & Ambient.

Built in 1835, Știrbei Palace was a princely residence between 1849-1856. The most extensive changes were made between 1881 and 1891, when architect Frederich Hartmann signed the project that transformed the facades of the building, bringing them to the current layout and appearance.

Classified as a class A historical monument, Știrbei Palace is nested in the heart of Bucharest and is considered to be an invaluable and representative building for the architectural, cultural, and historical heritage of Romania’s capital city.

(Photo source: the company)