Industrial Legacy, Urban Future: €180M EBRD-Backed Project Transforms Cluj-Napoca into Romania’s Next Cultural and Commercial Hub

Cluj-Napoca, Romania – A sweeping new vision for urban development is taking shape in the heart of Transylvania. Backed by a €180.3 million investment from the European Bank for Reconstruction and Development (EBRD), a sprawling industrial site in Cluj-Napoca Romania’s second-largest city is set to become the most ambitious mixed-use urban regeneration project in the country’s modern history.

The project, led by Rivus Investments SRL, a Romanian joint venture between Iulius Group and Atterbury Europe, will revitalize a long-dormant industrial area into a vibrant, future-facing district that blends entertainment, retail, office, and cultural spaces while also reshaping the surrounding infrastructure to better serve the city and its citizens.

From Rust to Renaissance: Breathing New Life into Cluj’s Industrial Past

With €132.8 million provided directly by the EBRD and another €57.5 million coming from commercial lenders, the regeneration project is part of a wider financing package totaling €400.6 million, supported by Erste Bank, BCR România, and BRD Groupe Société Générale.

At the core of the redevelopment is the transformation of 132,500 square metres of Gross Lettable Area (GLA) into a dynamic destination, including retail outlets, cultural venues, office hubs, and family-oriented entertainment centres. Two heritage buildings will be preserved and adapted one into a performing arts centre, another into modern workspaces ensuring the industrial legacy of the site is not erased but reimagined.

Sustainability Meets Accessibility

This isn’t just a property development, it’s a city-building initiative.

The investment includes sweeping upgrades to urban infrastructure:

• Two pedestrian bridges and a four-lane vehicle bridge over the Somes Mic River
  
• Smart traffic systems, new roads, roundabouts, and renovated public spaces
  
• Green infrastructure, featuring a 52,000 sqm park and urban garden
  
• EV charging stations, pedestrian-friendly walkways, and dedicated bike paths
  

A significant portion of the public infrastructure will be donated to the Municipality of Cluj-Napoca, ensuring lasting value for residents and future generations.

A Milestone for EBRD and Real Estate Development in Romania

“This project is a flagship for the EBRD’s Real Estate Sector Strategy 2025-2029,” said Vlaho Kojakovic, Director of Real Estate at the EBRD. “It exemplifies our goals to advance net-zero development, integrate green building principles, and foster inclusive, accessible urban environments.”

Kojakovic emphasized the project’s role in raising living standards, expanding economic opportunities, and reinforcing community cohesion through smart, human-centered design.

Cluj-Napoca: Romania’s Emerging Cultural Capital

Already a rising star in Romania’s tech, academic, and cultural sectors, Cluj-Napoca is poised to become a regional powerhouse. The Rivus development acts as a catalyst for that vision offering a magnetic mix of commerce, creativity, and community.

“This isn’t just about buildings,” said Iulian Dascălu, President of IULIUS. “It’s about creating a place where people live, work, and connect. We’re turning a forgotten space into a landmark destination that reflects Cluj’s identity and future.”

With a proven track record from projects like Iulius Town in Timișoara and Palas Iași, IULIUS brings deep experience to the project. Meanwhile, Atterbury Europe strengthens the venture with cross-border expertise in urban regeneration across Central and Eastern Europe.

Beyond the Blueprint: A Model for Future Cities

The Cluj-Napoca regeneration isn’t just a one-off, it sets a new benchmark for sustainable, inclusive urban planning in Romania and beyond. It reflects a broader trend of adaptive reuse and strategic urban investment that merges cultural preservation with smart growth.

As cranes rise and concrete is poured, one thing is clear: the past and the future are meeting in Cluj and the result will be nothing short of transformative.