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Real estate developer Hagag Development Europe has received the building permit for the consolidation and renovation works of Știrbei Palace, its property located at 107 Calea Victoriei.

The company has launched the tender process for the selection of the general contractor and is making all the necessary arrangements to start the construction works of its first project dedicated to the retail market soon: H Știrbei Palace.

The palace building will be completely renovated and consolidated and its original proportions and height regime will be maintained, while the facades and exterior and interior decorative elements will be restored to their original appearance, in accordance with the design of the initial project. The building is classified as a Class A historical monument, being considered one of the most prestigious and representative buildings in Bucharest, due to its architectural, cultural and historical heritage value.

The plans for the H Știrbei Palace also include the rebuilding of the annex building which served as a chariot house, a construction which will respect the full-empty volume ratio of the initial building by modeling the voids of the facade towards the Palace – work to be carried out taking into account processes and materials of contemporary architecture.

Once completed, H Stirbei Palace aims to become one of the most resonant names in high-end shopping malls in the SEE region, as well as one of the liveliest spaces dedicated to art and artists. contemporaries.

“The Știrbei Palace is one of the most impressive buildings in Bucharest. Its architecture, neoclassical decorative elements and proportions were impressive in 1835, when it was built, and they are just as spectacular today, in 2022 – even if today the property is in an advanced state of degradation. For us, as real estate investors and developers with extensive experience in the urban renewal segment through the conversion of old buildings, it is both a pleasure and an honor to own such a property in our local portfolio. We are happy to be those who, some 200 years after the inauguration of the original construction, will write a new chapter in the history of this monumental building, so precious to the city,” says Yithzak Hagag, co-founder and shareholder of Hagag Development Europe.

The exterior layout will include the vertical systematization of the “cour d’honneur” facing Calea Victoriei, the segment of the courtyard in front of the reconstructed semi-circular annex building, as well as the newly created interior courtyard located in the basement of the building. west facade, so as to give a unified image of the whole complex.