20 million euros will be invested in the restoration, consolidation and refurbishment of the historic monument building
Real estate developer HAGAG Development Europe received the urban planning certificate in to order to move forward with the building permit that will authorize execution of construction works for the restoration, consolidation and re-functionalisation of historical monument building Știrbey Palace. The company’s representatives have requested an extra, additional approval for rebuilding the annex building that use to house the former carriage shed. The budget allocated for the refurbishment of the Palace and the reedification of the above-mentioned extension is 20 million euros.
Restoration works for Știrbey Palace will follow the line of the H Victoriei 109 and H Victoriei 139, the developer having already proven its expertise with the restoration of the aforesaid projects, two emblematic buildings for Calea Victoriei. Therefore, the exterior image of the palace will be completely restored, the facades brought back to its original appearance and elegance, and the interior image will be reconstructed according to historical plans, respecting, as far as technological possibilities allow, techniques and traditional materials. Știrbey Palace has a built area of 2,933 square meters with 776 square metres ground deployment and a height of UG + GF + F + A. The entire building will be rehabilitated, including its exterior decorative elements. Following its reintroduction into the public circuit, the palace will host a high-end gallery for internationally renowned premium brands, as well as a modern space dedicated to cultural events and art exhibitions signed by contemporary, Romanian and international artists, which the developer will make available, pro-bono, to the latter.
„Știrbey Palace has an inestimable architectural value. Even from the prospecting phase we were fascinated by the neoclassical style hidden behind the exterior and interior stylistic elements of the building – now in an advanced state of degradation – and which, without any words, tell us stories about history, elegant evenings and the evolution of a nation. The project’s epicentre is to preserve the historic charm of this iconic building. In this context, in addition to the restoration of the palace’s building, we also plan to rebuild the circular annex, which, in the past, used to serve as a carriage shed. We are convinced that reviving the Palace and reintroducing it in the commercial circuit will bring relevant image capital to Bucharest, not only at community level, but also at international level. Of course, a building as important as Știrbey Palace could not be returned to the public without supporting local culture and talents, which is why we decided to dedicate one of the building’s annexes to art”, said Yitzhak Hagag, Chairman and Board. Controller Hagag Group.
The history of the property goes back to the last decades of the 18th century. Between 1849-1856 the palace became the royal residence. The most extensive changes were made to the property during 1881-1891, when architect Frederich Hartmann signed a project transforming the facades of the palace as they appear to look today. Hartmann is also responsible for the construction project of the semi-circular annex used as a carriage shed, which was later demolished.
“The project reflects the owner’s intention to restore Știrbey Palace, in its integrity. We are talking about not only the exterior image, but also about the restoration of the elegant interiors, and rebuilding of the adjacent adjoining annex – the former carriage shed, the capitalization of spaces on all levels of the existing building, as well as of the building’s return to the public circuit. It is an approach that will transform Știrbey Palace, once again, into a point of interest in the life of Bucharest and will lead, implicitly, to a revitalization of the Calea Victoriei area in the immediate vicinity of the building”, architect Cătălina Dana Preda and architect Mihai Buturcatu, Coordinators of the design team for the restoration of Știrbey Palace, pointed out.
About Hagag Development Europe
HAGAG Development Europe is a real estate developer specialized in residential and commercial projects in Romania. The company is involved in purchasing, developing and renovating buildings and projects involving more than 200 million euros invested in the luxury and development areas of Bucharest.