9 years of Palas Iași: 310 million euros of investment, 39.6 million euros of contribution to the local and state budget, more than 9,000 jobs and a city on the map of global investments
May 31st, Palas IaÈi celebrated the 9th anniversary of its grand opening, materialized by ambitious and innovative projects, the creation of economic and social opportunities for the city, as well as an integrated approach that results in urban and economic development. In 9 years, Palas IaÈi put the capital of Moldova back on the map of European cities worth investing, working and living in, with IaÈi now the second best city in Europe for investments in new technologies *, by creating 75,600 mÂ² of high-end office space.
Designed from the outset as an urban regeneration project with multiple uses (offices, shops and entertainment), Palas IaÈi is a pioneering real estate development in Romania and its impact can be seen from an economic, social and urban perspective.
The economic impact of Palas IaÈi during its 9 years of existence
With an investment of 310 million euros, of which approximately 85 million euros entered construction of the largest underground car park in Romania (five levels and 2,500 parking spaces), a urban garden spanning 5 hectares, the upgrading of the distribution network and the consolidation works of the historic buildings of the district, during these 9 years Palas IaÈi generated a direct financial impact up â¬ 39.6 million in contributions to the local and state budget, including the share of the joint venture (JV) at the town hall of IaÈi.
The Palas mixed-use project launched the United Business Center (UBC) Mark. Subsequently, this brand grew into a national network of office buildings, becoming a regional business center and developing the city’s office infrastructure by 7 office buildings certified according to LEED sustainability standards, it’s a 75,600 mÂ² of gross leasable area. This gave a major boost to the attractiveness of investments in the region, bringing together a community comprising More than 50 global companies with Over 8,000 employees. These figures have translated into a real, constant and major contribution which has contributed to the improvement of the quality of life and to the retention of local talents.
The project that launched the concept of lifestyle center in Romania brought for the first time to the heart of Moldova more than 270 brands, and there are more than 1,000 people working in the commercial component of this complex. All in all, the IaÈi downtown complex is the daily work destination of 9,000 people.
In 2020, IULIUS launched the work of Palas campus, the largest office building in terms of total area in Romania (54,000 mÂ² of offices, 6,000 mÂ² of shops), which provides a natural expansion of Palas IaÈi. The investment represents more than 120 million euros will be delivered in 2022, and is designed as a complex project to revitalize and give back to the community an underdeveloped downtown area of ââthe city using a mixed-use concept per se. In fact, Palas Campus is also the first investment in Romania to benefit from a green loan granted by the International Finance Corporation, a subsidiary of the World Bank, for sustainable development. This project will create Over 5,000 new jobs, while its impact will also be visible in terms of urban infrastructure and mobility via investments totaling 35 million euros.
Palas IaÈi, heart of the city and the community
With over 19 million visits per year, Palas IaÈi is one of the liveliest places in IaÈi and the meeting point of the community, being one of the main generators of social and cultural events in the city. Once the project opened, the inhabitants of IaÈi received a spectacular garden spanning 5 hectares, drawing its inspiration from the Renaissance, as we can only see in the big metropolises of the world. The garden also presents the archaeological remains of the former Royal Court and it hosts countless events every year, film caravans, Philharmonic concerts, sports championships, gastronomic and musical festivals, 3D projections, shows, etc.
Also, in order to meet the need for a cultural and entertainment infrastructure for the community, the Palas Amphitheater opened in 2017, provide 460 seats and a total investment of 1.2 million euros. Indeed, during the pandemic, the Palas Park and Amphitheater became the places where cultural, educational and artistic events could be safely organized.
As part of its commitment to the community, Palas IaÈi launched programs and projects to publicize the opportunities that the city offers to young people: regional university promotion caravans, Open House Week at UBC, Career Fair, training, mentoring and internship programs for students from schools and universities, and many more.
In 2019, following constant excellent reviews from tourists, TripAdvisor awarded the title of âHall of Fameâ to Palas IaÈi, which is awarded after obtaining the âCertificate of Excellenceâ for five consecutive years.
* Source: Ranking by Tech Cities of the Future 2020/2021 – fDi Intelligence and TNW