Hagag Development Europe, a real estate investor-developer, has commenced construction on the restoration, consolidation, and revitalization of Știrbei Palace, located on Calea Victoriei in Bucharest. This marks Hagag’s first retail project, designed to cater to the premium market segment. Discussions are currently underway with potential tenants who are showing significant interest, covering approximately 90% of the total leasable area.
Știrbei Palace, an iconic structure with nearly two centuries of history, stands as a testament to Bucharest’s ideals and serves as a link between the city’s past, present, and future. This innovative project, H Știrbei Palace, will be the first high-end department store operating within a historical monument building, with direct street access and a prime location on one of the capital’s main thoroughfares.
Yitzhak Hagag, Co-founder and Controlling Shareholder of Hagag Development Europe, expresses the significance of this project: “H Știrbei Palace is one of the most anticipated commercial projects in Bucharest, in recent years. And this is not just due to the impressive architecture or the rich history of the property itself, but rather to the concept behind this amazing project.”
The construction will encompass the restoration, consolidation, and refunctionalization of the palace, adhering to the original project’s specifications, including proportions, height, facades, and interior decorative elements. The former chariot house will also be rebuilt, catering to tenants in the HoReCa industry. The construction is expected to take approximately 24 months, with BTDConstruct & Ambient, a Romanian company, serving as the General Contractor.
Răzvan Pârvulescu, Head of Business Development of BTDConstruct & Ambient, acknowledges the challenges and responsibilities of this grand project: “For all parties involved. At the same time, we feel animated by the idea of contributing to such ambitious urban regeneration initiatives.”
Built in 1835, Știrbei Palace was a princely residence between 1849-1856. The most extensive changes were made to the property between 1881-1891, when architect Frederich Hartmann signed the project that transformed the facades of the building, bringing them to the current layout and appearance. Architect Hartmann was also responsible for the construction project of the semicircular building destined to host the chariot house, later demolished by former owners.
Classified as a class A historical monument, Știrbei Palace in nested in the heart of Bucharest and considered to be one an invaluable and representative building for architectural, cultural, and historical heritage of Romania’s capital city.
Commercialising all history and patrimony is not a good direction for Romania! It can be done better.