Real estate investor-developer Hagag Development Europe started the construction works for the restoration and consolidation of Știrbei Palace on Calea Victoriei. H Știrbei Palace is the company’s first retail project – a concept designed to meet the specific needs of the premium market segment.

Hagag’s Commercial Department is now conducting advanced discussions with several potential tenants whose consolidated demand covers 90 percent of the total leasable area.

The construction works involve the restoration, consolidation and refunctionalization of the palace’s building, and will follow the line of the original project – from proportions and height regime, to facades full restoration and the refurbishment of the exterior and interior decorative elements. The project encompasses, as well, the re-edification of the former chariot house, which will serve tenants activating in the HoReCa industry. Execution will unfold over a period estimated to approximately 24 months.

The General Contractor is the Romanian company BTDConstruct & Ambient.

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 is 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.