Local Council greenlights EUR 0.5 bln large-scale urban reconversion project in Cluj-Napoca
<p>The Local Council of Cluj-Napoca, a major city in Romania’s Transylvania region, approved the urban zoning plan (PUZ) for the reconversion of the city’s former Carbochim industrial platform and the restructuring of the 1 Mai Square. Romanian developer Iulius and Atterbury Europe proposed the large-scale project, which is estimated to be upwards of EUR 0.5 billion.</p>

<p>The investment targets the industrial platform’s transformation into a pole of urban attraction with multiple uses, including the largest retail area in Romania (120,000 sqm GLA), office, culture, and new entertainment concepts, set to be anchored by an urban garden with access to Someș River.</p>

<p>In a first phase, Iulius relocated the Carbochim factory, the largest manufacturer of professional abrasives in Romania, into an area suited for industrial manufacture while investing EUR 7 million to optimize and streamline its business. The former Carbochim industrial platform spans approximately 14 hectares, yet the remaining business of the factory only used 30% of this area.</p>

<p>“We have taken an important step in Cluj-Napoca in our reconversion project for the former Carbochim industrial platform. The Local Council’s vote confirms that the project is aligned with the vision of the Municipality on the development of the city and the overall region. We propose an extensive investment with multiple uses, a green project with a focus on culture, set to restore a grey area that was previously inaccessible to Cluj residents,” said Iulian Dascălu, president of Iulius Company.</p>

<p>According to him, the developer works with “experts from many domains” for this project, as well as with Dutch architecture firm UNStudio.</p>

<p>Iulius said that the project intends to preserve buildings that are symbolic of the local identity.&nbsp; “According to the studies and expert assessment reports, this approach was practicable for the arcade hall and the administrative building, which carry ambient-related value. These two buildings will be integrated into the project and repurposed for cultural uses and for supporting local initiatives.”&nbsp;</p>

<p>A performing arts center and an auditorium will also be created, both cultural concepts marking a premiere for a real-estate project based in Romania.</p>

<p>In fact, the project will include an extensive entertainment component featuring outdoor event spaces, open-air cinema, family-friendly interactive entertainment centers, a concept-bookstore, and dedicated sports and wellness areas. All of these are part of the retail area spanning more than 120,000 sqm, alongside approximately 400 premium and mass market brands, a mix of international coffee shops and restaurants, a fresh market, a medical hub, and so on.</p>

<p>In addition, Iulius also said that integrating Someș River into the project will mark a premiere in opening public access to the waterfront.&nbsp;</p>

<p>“Ample investments are proposed in planning and optimizing the urban connectivity of the entire area, undertaken by Iulius based on an agreement with the Municipality worth approximately EUR 66 million, including direct and indirect benefits for the city, community spaces, as well as infrastructure works worth about EUR 30 million, such as creating a new four-lane road bridge over Someș River with sidewalks and bicycle lanes, upgrading the nearby streets, building two pedestrian walkways, fitting out 1 Mai Square and bicycle infrastructure,” reads the press release.</p>

<p>The project will also entail the creation of 4,800 underground and aboveground parking spaces, 900 of which will be fitted with electric vehicle charging capabilities, as well as 2,500 bicycle parking spaces.</p>

<p>The project is currently in the building permitting phase. The first phase of the works, namely the dismantling of the former industrial facilities, is nearing completion, as this endeavor is independent of the approval and permitting process for the new project.</p>

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

<p>The company portfolio comprises more than 310,000 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).</p>

<p><i>editor@romania-insider.com</i></p>

<p><i>(Photo source: Iulius)</i></p>