Iulius Group puts 220 million Euro in OpenVille, a mixed use urban regeneration project in Timisoara

Iulius Management Center Company will invest over 220 million Euros in a mixed use urban regeneration project that will become a landmark for the sustainable development of Timisoara. Designed as a „lifestyle center”, Openville will bring together office, retail, park and entertainment functions. The investment is the largest infusion of private capital in the real estate sector in the west of the country, being the second mixe

2015-07-16 12:06:08

"Through Openville, the Iulius Management Center company, specialized in the development of real estate mixed use projects, continues the mission it started 10 years ago with the inauguration of Iulius Mall Timisoara, that is to improve the life of the community. We will create a vibrant space that will transform Timisoara into the cosmopolitan city that its inhabitants, who are so open to multiculturalism, truly deserve. At the same time, the project will develop a regional business pole that will stimulate economic growth and create thousands of jobs," said Iulian Dascalu, president of the Iulius company group.

The first concept of the Openville Timisoara project was developed by the Jerde Company in the USA, one of the largest international architecture and urban planning firms, with branches in Los Angeles, Hong Kong, Amsterdam and Dubai. The adaptation to the current market conditions and the integration of the concept to the zoning plan in Timisoara were carried out by Radu Mihailescu, in his capacity as architect. With a vast experience in the domain, the Timișoara-based architect designed the Palas Iasi mixed-use project, which earned two awards in the 2013 Warsaw edition of Central&Eastern European Real Estate Quality Awards, namely: „Building of the Year in Southeastern Europe" and „Retail Development of the Year."

Openville will have a total built area of 594,000 sqm, and Iulius Mall Timisoara will be an integral part of the project. The largest ratio goes out to the office component of the project, whose high class architecture and exquisite finishes will set new standards on the office development market in Romania. A total of 7 class A office buildings will be erected, with a gross leasable area of over 131,000 sqm, also comprising the tallest building in Romania. These buildings will compose the business pole of the region, catering to the multinational companies that plan to expand their operations and accommodating approximately 13,500 employees.

One of the main attractions in Openville will be the park, the largest in the west of the country, spanning on 55,000 sqm. The park creates a genuine outdoor relaxation oasis, comprising playgrounds for children, a carrousel, skating rink, artesian fountains, event plazas, over 1,000 trees and 20,000 shrubs.

Openville will define the highest level of shopping experience, completing the attractions offered by Iulius Mall Timisoara with a new mixture of brands, over 100 stores, restaurants and themed cafés. Other leisure options include 15 multiplex cinema theaters and the largest playground.

Another premiere is the fresh market area, which will include fast-food type restaurants, as well as bakeries, butcheries and locations with natural food products.

Openville will also include four halls for special events, with a total capacity of 2,500 people, designed for accommodating congresses, seminars, business conferences, corporate meetings and personal parties. Openville offers its clients an number of 3,750 parking spaces, both under- and over-ground, fitted with a smart parking guidance system that will help drivers find available parking spots quickly.

The construction works will begin this autumn, and 33,000 sqm of office spaces will be inaugurated by the end of 2016. The first development stage will be completed in the last quarter of 2017 and will comprise 80,000 sqm of class A office spaces, the retail area and the park. The second stage will include the development of office spaces up to a total leasable area of 131,000 sqm, depending on the market needs.

In figures, OpenVille states for:
594,000 sqm-gross built area
265,000 sqm-gross leasable area (retail and office)
Retail (Iulius Mall Timisoara and Openville): 134,000 sqm leasable area
Class A offices, 7 buildings: 131,000 sqm leasable area
Congress Hall: 4 halls, 2,500 people
Park and green areas: 55,000 sqm
Parking spaces: 3,750

Iulius Group owns a national retail network comprising four shopping malls under the Iulius brand (in Iasi, Timisoara, Cluj and Suceava) and a mixed-use urban ensemble (Palas Iasi). The office branch of the company includes a nation-wide network comprising over 58,000 sqm of class A office spaces, as well as another 15,000 sqm under construction.