IULIUS and Atterbury Europe have started construction on RIVUS Cluj-Napoca, a EUR 550 million project set to become the largest urban reconversion development currently underway in Romania. The project will transform a 14-hectare former industrial platform into a mixed-use urban destination.

The development is being built on the site of the former Carbochim industrial platform, which has been relocated and upgraded, and will integrate cultural, educational, entertainment, office, retail, and leisure functions.

RIVUS is designed as a large-scale mixed-use complex combining commercial, cultural, and green spaces, with more than 400 stores planned and a total leasable retail area of 142,000 square meters. Over 70% of the retail space has already been pre-leased, according to developers.

The project will include new entertainment and retail concepts entering the regional market, such as a Cineplexx cinema with IMAX technology, a Jumbo store, a Hype by Kiddo entertainment center, a large Cărturești bookstore, and an Auchan hypermarket. Around 20% of the commercial space will be allocated to local entrepreneurs.

A key component of the development is the integration of cultural infrastructure, including the conversion of two industrial heritage buildings. One will be transformed into a live arts center, while another historic administrative building will continue to serve public and administrative functions.

The project also includes a significant green component, with a new park covering 52,000 square meters, featuring 700 mature trees and more than 100,000 decorative plants. The landscaped area will connect with nearby parks and contribute to expanding green infrastructure along the Someș river.

Access to the riverfront will be opened to the public, with new pedestrian links and connections to existing urban routes. The development will also include major mobility upgrades, such as a new four-lane road bridge over the Someș River, pedestrian walkways, upgraded surrounding streets, and new cycling infrastructure.

The project is supported by a EUR 400 million syndicated green loan, the largest of its kind granted to a real estate development in Romania. Financing is tied to meeting international sustainability standards, including LEED Platinum and EDGE Advanced certifications.

In addition, more than EUR 7 million has been invested in relocating and upgrading the Carbochim factory, allowing production to continue in improved conditions.

“We are confident that RIVUS Cluj-Napoca will be a landmark for urban regeneration nationwide and beyond, a complex with an identity of its own, built together with and for the community, designed to be an active part of the city, and steadfastly focused on the future,” said Sorin Guttman, RIVUS project manager.

IULIUS Company is a real estate developer and operator specialized in mixed-use urban regeneration projects in Romania, with 25+ years of experience and operating in four major Romanian cities – Iași, Timișoara, Cluj-Napoca, and Suceava. 

Its portfolio comprises more than 320,000 sqm of retail premises in two mixed-use urban regeneration projects (Palas Iași and Iulius Town Timișoara), the nationwide network of regional shopping malls (Iulius Mall – Iași, Cluj-Napoca, and Suceava), and the Family Market projects in Iași (Miroslava and Bucium). The projects draw more than 70 million visits every year.

The company is also one of the most active developers and operators of class A office buildings, creating regional business hubs under the United Business Center brand, in three major academic centers in Romania – Iași, Timișoara, and Cluj-Napoca. In total, there are 15 green buildings with a total area upwards of more than 242,000 sqm, accommodating more than 140 company offices and 29,500-plus employees.

irina.marica@romania-insider.com

(Photo source: press release)