Going big: Romanian developer announces EUR 0.5 bln urban regeneration project in Cluj-Napoca
Iulius Group, one of the biggest real estate developers in Romania, plans the biggest urban regeneration project in the country on an industrial platform located in a central area of Cluj-Napoca. The group says the investment in this project will amount to over EUR 0.5 billion with part of the financing coming from South-African partner Atterbury Europe.
“This urban development endeavor will transform the industrial area into a vibrant space in Cluj and will be integrated as part of the city,” Iulius Group announced in a press release.
The project will include: the largest retail area in the country (115,000 sqm), a center dedicated to performing arts, the conservation of two industrial heritage buildings, an urban garden spanning 4-plus hectares, a new bridge and a pedestrian walkway over Somes River, an eco-neighborhood integrated into a mixed-use project, bicycle and pedestrian infrastructure along the Somes River waterfront, a new business hub, and the largest underground parking lot in the country, with 6,000-plus parking spaces.
Iulius will develop the project on a 14-hectare plot of land belonging to the Carbochim abrasives factory, which it will relocate with an investment of EUR 5 million.
“We want to give back to the city a piece of itself by transforming the Carbochim platform into a space for the entire community. The urban reconversion investment will be a large-scale one, in line with the general urban development strategy of Cluj. This project is designed for the present, but also for the generations to come. It expresses our vision of gratitude for the past by continuing the industrial activity, while also creating the future via a sustainable and resilient project,” said Iulian Dascalu, President of IULIUS Company.
The project is undergoing the analysis, consulting and authorization phase, with construction works expected to begin in early 2023.
Iulius is the biggest developer of mixed-use real estate projects in Romania. The group founded by local investor Iulian Dascalu, started its activity in Iasi, the biggest city in north-eastern Romania, and expanded to Cluj-Napoca, Timisoara and Suceava. Its portfolio includes the Palas Iasi mixed-use project located next to the city’s landmark Culture Palace and the Iulius Town project in Timisoara. The group also owns three standalone shopping centers under the Iulius Mall brand in Iasi, Cluj-Napoca and Suceava.
Iulius Group also plans a massive mixed-use real estate project in Bucharest, around the Romexpo exhibition center, in partnership with Romania’s Chamber of Commerce and Industry. The start of this project is uncertain due to controversies related to land ownership. In November 2021, Romania’s Parliament voted for the transfer of 46 hectares of land around Romexpo from public to private ownership.
(Photo source: the company)