Wednesday, March 2, 2005
Bucharest, Romania — The city centre of Bucharest, the capital of Romania, is set to get a major facelift due to a real estate project called Esplanada (The Esplanade), which will be constructed by TriGranit Development Corporation. The total investment in the project will be greater than 800 million euro and aims to build a modern commercial pedestrian area in downtown Bucharest, with several shopping malls, office buildings, hotels and dwellings. It will be the largest real estate program in Romania since the fall of Communism in 1989.
Bucharest is currently looking at possibilities to improve its appearance and rebrand itself as a lively, creative and vibrant city. Many initiatives have sprung up to improve the city, including the organisation of CowParade later this year. Additionally, the old town centre will be restored. Due to Romania’s current economic boom, several other major construction projects are taking place.
Bucharest City Hall has blocked traffic in the city center due both to the old town restoration and to the Esplanada project.