The feasibility study required for the modernization of Bucharest’s Matace Square was approved by the city council on Thursday. The investment is approximately 160 million lei, and the project involves the construction of a new market (hall with basement and first floor), 10 exhibition-type buildings with basement, first floor and walk-through terrace and underground parking for 165 spaces, plus landscaping on the territory. The investment term is 3 years.

“Today is a historic day for Bucharest. After 10 years of injustice, the reconstruction of Matache Square is starting today. District 1 local council at today’s meeting approved the technical and economic documentation and technical and economic indicators of the investment goal “Modernization and reconstruction/construction of a new building – Matache Square”. This is a key project for the whole community and for the history of this city. It was two years of intensive work on the bureaucratic phase of this project, where we worked together with renowned architects, local community members, market traders and civil society. While developing the project, we took into account the needs of the modernization of the entire neighborhood and the requirements to preserve the historical buildings that give this city its charm,” Mayor Clotilde Armand wrote on her Facebook page.

Approval of the feasibility study is only the first step towards the modernization of the market. This is followed by the approval of urban planning documentation, the implementation of an architectural project, a tender to identify a developer, and only then can the project begin. Realistically, if all goes well, work could begin sometime in 2025.