The Palas ensemble in Iasi is the first mixed type “lifestyle center” in Romania and the largest real estate investment outside Bucharest, with a private capital infusion adding up to over 265 million Euros. The project is the result of the joint venture between Iulius Group Company and the Local Council of Iaşi City. Palas pursued and achieved the social, economic, urban and environmental revitalization of the central area of Iaşi, as well as the rehabilitation of the historic center by means of enhancing of the archeological vestiges discovered following the construction works.
The urban ensemble comprises shopping areas, “A” class office premises, a 4* hotel, event halls, underground parking facility, as well as a park and green areas. The ensemble was opened on May 31st 2012 and it addresses a region with a population of over 1,8 million, its clients also coming from the Republic of Moldova. In the first year, the traffic exceeded 12 million people.
The ensemble has a gross built area of 280,000 sqm and comprises the following:
• Palas Mall – 52,455 sqm gross leasable area, over 170 stores
• Palas Shopping Street – 7,325 sqm gross leasable area, over 20 stores
• Food court with 1,300 seats, international cuisine restaurants, cafés, hypermarket, entertainment areas for children and teenagers
• Cinema multiplex with 10 theaters (opening soon)
• United Business Center – 26,000 sqm gross leasable area, 4 “A” class office buildings
• Hotel International 4* , 169 rooms
• Congress Hall – 5 event halls, maximum capacity of over 1,300 seats
• The largest and state-of-the-art underground parking facility in Romania – circa 2,500 parking places
• Park and green areas adding up to 50,000 sqm, with a lake, seasonal skating rink, outdoor amphitheater and cinema, Venetian carrousel for children, artesian fountains and music pavilion.
The retail component of the Palas ensemble includes brands such as: Auchan City, H&M, Massimo Dutti, Zara, Pull&Bear, Bershka, Stradivarius, Oysho, Camaïeu, Tommy Hilfiger, C&A, Stefanel, Swarovski, New Look, CCC, Tom Tailor, Douglas, Humanic, LC Waikiki, Hervis Sports, Nikon – Yellow Store, Motivi, L’Occitane, Sephora, Intersport, Ecco, Il Passo, Staccato, Deichmann, Subway, KFC Drive Thru etc.
The office component of the Palas ensemble includes big companies such as: Amazon Romania, Endava, Danieli Engineering, TeamNet International, Synygy, EBS, Ness Technologies, Raiffeisen Bank, Volksbank, Bentley Systems, Ernst&Young, AROBS Transilvania Software, Basware, Movial and PwC.
The value of the Palas project was recognized internationally in 2007, at the annual MAPIC retail fair in Cannes, the largest fair of this kind in Europe. Real estate specialists deemed the project as “a very brave one, as opposed to the communist legacy that has deeply affected the historic and cultural past of the city”. On these grounds, Palas was nominated in three categories and won the grand prize in the large scale projects category. Another international achievement was breaking the world record for the largest number of sky lanterns launched simultaneously. The event was organized by Palas, on June 2nd 2012, on the occasion of the grand opening of the ensemble. The 12.740 sky lanterns launched on the Iaşi sky earned the Palas ensemble a place in the Guinness Book of World Records®.
After the grand opening, the project has won prizes reconfirming its unique character on the South-Eastern European market: the Grand Prize in the “Building of the Year 2012” South-Eastern European category and “Retail Development of the Year 2012”, granted by Central & Eastern European Real Estate Quality Awards (CEEQA), in April 2013, in Warsaw. The CEEQA competition is organized by CEE Insight Forum together with the British newspaper “Financial Times”.