Stirbei Palace set to undergo €20m refurbishment

Hagag Development Europe will oversee a €29m refurbishment of the historic Stirbei Palace along Calea Victoriei in Bucharest. The developer has already secured the urban planning certificate for the project and is now in the process of obtaining a building permit. The 19th-century palace will be restored, consolidated and repurposed. Following the renovation work, the property will be used as high-end gallery for premium brands. The space will also host cultural events and art exhibitions. “Stirbei 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,” said Yitzhak Hagag, chairman and board controller of Hagag Group.