The Chamber of Commerce and Industry of Romania (CCIR) and the company Iulius propose a large project in the area of the exhibition centre Romexpo, the value of the investment being estimated at 2.87 billion euros, a release by the CCIR informs.
"Based on a unique mixed-use concept, which combines artistic, cultural and social attractions with entrepreneurial support functions, the project involves the transformation of the Romexpo Exhibition Centre into an economic catalyst with major benefits for the community," the release says.
Following the investment, Romexpo will thus become the only exhibition centre in Europe that will be fully integrated into a project with mixed functions, contributing to the potential for sustainable and durable evolution of the Romanian capital, Bucharest.
"Our constant efforts are aimed at strengthening and expanding the activity of Romexpo, which underpins this broad investment. We want the inclusion of Romexpo in the international circuit and we are convinced that the related functions will have the capacity not only to impose ourselves on the map of European attractions in the field, but to revitalize Bucharest socially, culturally and economically. A project of this importance requires cooperation and involvement of the public and private environment, but also support of the authorities and communities," said the chairman of the CCIR, Mihai Daraban.
The investment is estimated at over 2.87 billion euros and will be phased in.
According to the organizers, the project involves the creation of 30,000 new jobs with the realization of the largest business district, but also museums, a multifunctional event hall, a new park and green urban connections, traffic flow solutions, 12,000 parking spaces, retail and lifestyle centre and many other facilities for local entrepreneurs.
"The proposed project represents the materialization of a new vision of development for the whole country, representing us beyond the borders and bringing us close to Europe. It is an approach that exceeds everything we have achieved so far in terms of urban revitalization and that we are convinced will become an international standard. This development is about the community, Romanian symbols and indigenous potential," Iulian Dascalu, president of the company Iulius, says.
The concept of the project revolves around a dominant cultural component, a tribute to the great indigenous values, in the conditions in which in the area will be the first Art Museum in Romania dedicated exclusively to the sculptor Constantin Brancusi, who will become a national symbol, but with international resonance. At the same time, the central pavilion will be reconfigured in the George Enescu Multifunctional Hall, offering the Capital an artistic space to international standards, which stimulates the potential of the contemporary cultural environment and which, through the events hosted there, will become an attraction for the entertainment audience including from outside the country.
The project also integrates the Romexpo exhibition pavilions, which it reconfigures and modernizes into a large-scale Conference and Congress Centre adapted to the needs of a European capital. Highlighted by the cultural, social and economic functions developed around it, which provide the necessary infrastructure for organizing large-scale events, this will be a European destination in itself.
"An emblem for the mixed-use projects carried out so far by Iulius, the park will also be an anchor for the urban life of the capital city. The Romexpo Exhibition Centre will open to the community through a succession of public attractions: central park, grassy garden, mature trees and lush vegetation, promenade alleys, walkways and squares. The new park, which will occupy 30pct of the project area, will make a direct connection with the King Mihai I Park of Romania and will make a green connection from Charles de Gaulle Square to the heart of the project," the CCIR release reads.
Development also requires extensive investment in new solutions for upgrading road and pedestrian infrastructure and increasing urban connectivity. The project for traffic flow is carried out in collaboration with one of the largest specialized companies in Europe, including the creation of new road arteries and the widening of traffic lanes, as well as bicycle tracks and facilities that contribute to urban mobility. Moreover, the largest parking lot in Romania will be built, with more than 12,000 places, underground and above ground.
The urban revitalization proposal also includes the most powerful business pole in the country, built in accordance with the principles for "green buildings", which will help to strengthen investment attractiveness and economic sustainability. The office component will focus the main multi-tech companies in the tech segment and not only and will generate the creation of more than 30,000 new jobs, an infusion of human capital that allows the retention of young talents. At the same time, another 2,000 jobs are estimated for the construction period.
"In a symbiosis with socio-cultural attractions will be the retail ensemble, which complements the concept of lifestyle centre. Premium brands, service areas, the latest entertainment and leisure concepts will be part of the offer of the most impressive mixed-use project in Europe. The project incorporates the largest space for local producers and traders, in a fresh market concept developed as a premiere in Romania. At the same time, a centre of Romanian entrepreneurship, unique in the country, coworking facilities capable of generating opportunities for the local business environment will be accessible," the release reads.
A unique element is also the Museum of Monetary History, an initiative in the national premiere, but also the largest Oceanarium in the country, a real water park, that will represent a new point of tourist interest.
As a complementary function to a large-scale exhibition centre, a 5-star hotel will also be built, in line with the requirements of a European capital.
Romexpo SA is the largest fairs and exhibitions' organiser in Romania, with an experience of almost half a century. Each year, it organizes more than 40 trade fairs, exhibitions and salons with international participation. Romexpo is also internationally recognized as a full member of the World Exhibition Industry Association - UFI, the Central European Fairs Alliance - CEFA, the International Exhibition Statistics Reporting Union - CENTREX and the European Agricultural Fair Organizers Association - EURASCUSTO.
Established in 1991, Iulius is the only developer and operator of mixed-use projects in Romania, with a portfolio comprising over 300,000 sqm of retail space and over 253,000 sqm of office space, of which 107,000 sqm in development. The company created the national network Iulius Mall, with four regional shopping malls (in Iasi, Timisoara, Cluj-Napoca, Suceava) and the joint assemblies Palas Iasi and Iulius Town Timisoara. With an annual traffic of over 68 million visitors, the company's projects are market leaders at the regional level. In the office segment, Iulius is among the largest developers and operators of office space, with 12 Class A buildings integrated into mixed projects and built according to LEED rules, under the United Business Center brand, in Iasi, Timisara and Cluj-Napoca.
Last year, Iulius and Atterbury Europe inaugurated the Iulius Town project, which involved the integration of Iulius Mall Timiooara into an extensive urban regeneration project. It is the largest investment in the west of the country, totalling 442 million euros.