25/3/2025
IULIUS Company is kick starting an extensive remodeling project for the Palas Iași mixed-use complex, based o na concept by Foster + Partners, marking the world-acclaimed architecture firm’s first project implemented in Romania. The revamping of Palas Iași, a landmark project for the local real-estate, will be carried out in stages and will include as follows:
* remodeling the existing retail spaces and expanding the total leasable retail area upwards of 80,000 sqm;
* rethinking the Luceafărul Theater esplanade asa green space and events venue;
* new first-to-region fashion, sports, and department store brands;
* implementing flagship store formats for the main anchor stores;
* new playground areas and family entertainment centers;
* more spaces designed for various events and experiences;
* an expansion of the park, with interactive and relaxation areas;
* relocating and upgrading the events center - 4 halls, total capacity of 1,000 people;
*additional underground parking spaces;
* showcasing the connection with the Palace of Culture through green, sustainable and esthetically pleasing design.
Almost 13 years after its grand opening, the Palas Iași complex remains a landmark for real estate projects in Romania. This is the first urban regeneration mixed-use complex in the country; the best-performing shopping center outside the Capital city, with 22.2 million visitors and sales that increased by 15% in 2024; the largest business hub outside of Bucharest, with 60 companies and 14,000 employees; the regional leisure destination, with likely the widest variety of dining in the same place, a park spanning 5 hectares, and more than 300 events organized every year.
Palas is more than just an urban complex, it is an active driver for the socioeconomic development of Iași. IULIUS Company continues to invest in the evolution of this project, contributing towards the transformation of the city center. The remodeling of Palas Iași is estimated around 80 million Euro,raising the investment made by IULIUS in downtown Iași upwards 520 million Euro.
The new development phase focuses on optimizing and showcasing the uniqueness of the Palas complex, inspired by how the community and the visitors relate to this project: the park and green spaces, experiences for all ages, connection with the Palace of Culture, and the diversity of the shopping and dining area. The remodeling concept for Palas Iași is signed by the world-acclaimed architecture firm Foster + Partners, whose portfolio includes spectacular, sustainable and lasting projects across the globe, that have gained architectural and tourist landmark status. The project for Palas Iași is also bound to become such a landmark, being the first one to be carried out entirely, down to the smallest technical details, by Foster + Partners in Romania.
“The masterplan completely revitalises the heart of the city and improves connections to its centre with generous, tree-lined pedestrian walkways. Greenery and incredible new public spaces are woven through the urban realm, transforming the city experience and reframing the spectacular Palace of Culture,” said Stefan Behling, Head of Studio at Foster + Partners.
“Our design seamlessly reconnects Palas with its surroundings –and extends the experience of the park through the atrium and across the rooftops. The revitalised building features an indoor-outdoor public plaza, which will open onto the landscape and create new lines of sight towards the palace,”said Maximilian Zielinski, Senior Partner at Foster + Partners.
“We are preserving historic features within the landscape and incorporating traditional Romanian patterns to celebrate the city of Iași – and ensure the scheme sensitively reflects its context,” added Daniel Zielinski, Senior Partner at Foster + Partners.
“We want Palas to remain relevant for future generations. This is why we are initiating this reconfiguration process, leveraging our accumulated knowledge and expertise with one thought in mind: the world and its needs are evolving, and so should we. Although the complex is already successful, we are not stopping here. With this new concept, we set out to continue supporting the development of IULIUS’ hometown. More than just a remodeling, this project puts Iași on the international map of architecture and urban planning, becoming the first in Romania to be carried out by the renowned Foster + Partners firm. Beyond its prestige, the essence of this project is the community. We are redesigning the space to better connect it with the city, adding green spaces for relaxation, welcoming terraces, outdoor amphitheaters, and venues dedicated to families. We are expanding the existing stores, bringing on new international brands, and diversifying the leisure offer, so that Palas will remain the choice location for Iași residents and visiting tourists,” said Raluca Munteanu, Development Manager at IULIUS.
The development of Palas Iași continues with:
The endeavor also entails fitting out an are adedicated to the archeological findings from back in the 1960s, representing interior walls from the eastern wing of the Princely Court, covered with concrete at that time and brought back to light upon the development of Palas. Showcasing the findings has been a long-standing objective and several design options to this effect have been proposed in recent years, but failed to be accepted by all stakeholders. This time, the design will be as natural as possible, as part of a landscaped green area and may be admired via pedestrian trails, thus integrating the artifacts into the tourist circuit of the city, alongside all the other findings that are showcased or presented in the Palas complex.
The new architectural concept will consolidate the position Palas holds as nationwide shopping and entertainment landmark destination, forming a community hub defined by socializing, themed events, and interactive experiences.
The project will be carried out in phases, so that Palas can continue to run its business as usual. The first phase starts this March, with the preparatory activities for archeological research works in the esplanade area in front of the “Luceafărul” Theater forChildren and Young People, in the context of creating additional underground retail and parking spaces, as well as remodeling the esplanade with additional vegetation and featuring an outdoor amphitheater concept designed to facilitate cultural events.
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About Foster + Partners
Foster + Partners is a global studio for architecture, urbanism and design, rooted in sustainability, which was founded over fifty years ago in 1967 by Norman Foster. Since then, he and the team around him have established an international practice with a worldwide reputation for thoughtful and pioneering design, working as a single studio that is both ethnically and culturally diverse. The studio integrates the skills of architecture with engineering, both structural and environmental, urbanism, interior and industrial design, model and film making, aeronautics and many more – the collegiate working environment is similar to a compact university. These diverse skills make the practice capable of tackling a wide range of projects, particularly those of considerable complexity and scale.
About Palas Iași
Opened in May 2012, Palas Iași is the largest real estate investment in the north-east of Romania, adding up to more than 320 million Euro. Located next tot he Palace of Culture, Palas is the first mixed-use project in Romania and includes: 270-plus stores, seven class-A office buildings (75,600 sqm), plus Palas Campus, the largest office building in Romania developed in close proximity (60,000 sqm), an events center, a 4* hotel, themed restaurants and coffee shops, a park spanning on 50,000 sqm, carousel, seasonal skating rink,and other leisure facilities, as well as the largest underground parking facility in Romania accommodating 2,500-plus parking places. The distinctive and complex mix of shopping and entertainment in Palas draws more than 22.1million visitors every year, including visitors from the Republic of Moldova.
IULIUS Company is a developer and operator specialized in ample mixed-useur ban regeneration projects based in Romania, with more than 25 years of real estate experience and operating in four major Romanian cities, namely Iași,Timișoara, Cluj-Napoca, and Suceava. Its investments add up to more than 1.2 billion Euro. The company portfolio comprises two mixed-use projects (Palas Iași and Iulius Town Timișoara), the nationwide Iulius Mall network (Iași, Cluj-Napoca, and Suceava), two Family Market convenience retail projects(Iași), and 15 office buildings in Iași, Timișoara, and Cluj-Napoca. The portfolio includes more than 310,000 square meters of retail space and the projects are regional market leaders, drawing more than 70 million visitors every year. The company is currently developing two other major urban reconversion mixed-use projects located in Cluj-Napoca and Constanţa, these investments being estimated upwards of 1.3 billion Euro.