To date, the project has entailed investments of nearly EUR310 million, and, with the capital infusion of Iulius in Iasi, the investments will exceed EUR470 million.
“The financial contribution translates into developing the largest business center in the region, by an additional 75,000 sqm of new Class A office space, creating over 10,000 jobs, reducing traffic congestion through new vehicle and pedestrian access routes and modernizing existing routes, additional parking spaces, bike lanes and parking, as well as new parks”, according to company representatives.
Also, a 5,600 sqm six-storey office building is being constructed within the compound.
The company aims to turn downtown Iasi, which is currently underdeveloped, fragmentary and in a degradation state, into a metropolitan area.
“This will be achieved by building an ample project, called UBC Campus, an office building with several sections, developed horizontally and with maximum seven floors. The lettable area of the campus will be approximately 51.000 sqm and the campus is designed as an integrated mixed-use project, with office, retail and leisure spaces”
The project entails investments of over EUR3 million in infrastructure and other EUR25 million in creating new underground parking spaces.
The new project also has a “green” component, an investment of over EUR3 million in new green spaces.
Palas Iasi is the largest business destination outside capital Bucharest, which consist of six Class A office buildings, with a total area of over 70,000 sqm, where over 50 companies operate and some 8,000 people work. The project also includes Palas Mall and Palas Shopping Street, with over 270 stores, a park of over 5 hectares, the largest underground parking garage in Romania, with 2,500 spaces, restaurants and themed coffee shops, the biggest food court in the region, an events center with five premium halls, an outdoor amphitheatre and various entertainment facilities.
Palas attracts more than 19 million visitors annually.