June 2 (SeeNews) - Romania's chamber of commerce and industry (CCIR) and real estate developer Iulius are proposing a 2.87 billion euro ($3.21 billion) investment plan for construction of a mixed-use project around the existing exhibition centre Romexpo in Bucharest.
The investment would be made in stages and the project is expected to create some 30,000 new jobs, CCIR said in a press release on Monday.
During construction, the real estate development is expected to generate over 2,000 jobs.
Based on a mixed-use concept, which combines artistic, cultural and social attractions with entrepreneurial support functions, the project aims to transform the Romexpo exhibition centre into an economic catalyst for the local economy.
"We are aiming at including Romexpo into the international circuit, and we are trustful that the ancillary functions will be able to not only place us on the map of the European hot spots in the field, but also to revive Bucharest, from a social, cultural and financial perspective. A project of such significance requires the cooperation and involvement of the public and private sectors, as well as support from the authorities and the community," CCIR president Mihai Daraban noted.
The project integrates the Romexpo exhibition centre in the northern part of Bucharest, which it aims to transform into a large conference and congress centre, surrounded by museums, office buildings, parks, retail spaces and leisure centres. Moreover, the complex would host the largest oceanarium in Romania, a water park and a five-star hotel, according to CCIR.
"The proposed project represents the materialization of a new development vision for the entire country, one that will represent us beyond borders, and bring us closer to Europe. It is an action that exceeds anything we have built so far in terms of urban revival, and we are certain that it will become an international landmark. This development is about community, Romanian symbols and local potential," Iulius president Iulian Dascalu said.
The project also involves extensive investments in new solutions for the modernization of road and pedestrian infrastructure as well as for improved urban connectivity. Within the project, the largest parking lot in Romania would be built, with over 12,000 underground and above ground spaces.
Iulius Company, founded 20 years ago, has an operational portfolio comprising over 300,000 sq m of retail space and 253,200 sq m of class A office space in Romania, of which 107,000 sq m are under development.
Established in 1959, Romexpo is the largest exhibition centre and indoor arena in Romania, primarily used for fairs, concerts, and sporting events. The 303,234 sq m complex hosts more than 150 exhibits and trade shows every year.
CCIR is the majority shareholder of Romexpo SA, the company that runs the exhibition centre.
In 2017, CCIR and Stoneberg, a company of Iulius group, signed an agreement for the management of the central pavilion within the exhibition centre, according to local media reports.
($=0.8941 euro)