Hagag Development gets permit to kick off renovation of Știrbei Palace in Bucharest

Hagag Development Europe received the building permit for the consolidation and renovation works on Știrbei Palace, its Bucharest property located on Calea Victoriei, the real estate developer said.

The company has started the tender process for the selection of the general contractor and is making all the necessary arrangements to start soon construction works on its first project dedicated to the retail market: H Știrbei Palace.

The building is a class A historical monument.

Once completed, H Stirbei Palace is to turn into a high-end commercial gallery, "as well as one of the most vivid spaces dedicated to contemporary art and artists."

The palace building will be fully refurbished 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 company said.

The plans for H Știrbei Palace include also the re-edification of the annex building that used to serve as the chariot stable, "a construction that will respect the full-empty ratio volume of the initial building by modeling the voids of the facade towards the palace – works to be executed considering contemporary architecture procedures and materials."

The exterior setup will include the vertical systematization of the "courtyard of honor" facing Calea Victoriei, the segment of the courtyard in front of the reconstructed semicircular annex building, as well as of the newly created inner courtyard located at the basement level of the west facade, so as to provide a unified image of the entire complex.

"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," says Yithzak Hagag, co-founder and shareholder of Hagag Development Europe

Hagag Development Europe is a real estate investor-developer specializing in residential, commercial and hotel projects in Romania, listed on the Tel-Aviv Stock Exchange.

(Photo courtesy of the company)