Dezeen promotion: Young Architects Competitions is inviting architects and designers to rethink the service area of Centergross in Bologna, Italy, which is one of Europe's largest fashion centres.

The Italian Fashion Hub contest is organised by Young Architects Competitions (YAC) in collaboration with Centergross – the ready-to-wear wholesale fashion district just outside the northern Italian city.

The "fast-fashion capital" is home to over 240 fashion brands, as well as hundreds more textile companies, trading companies and service providers. The complex covers an area of over one million square metres, which includes office space, showrooms and warehouses.

The competition is calling for architects and designer to revamp its one-kilometre service area, which the company claims is "bearing the marks of the ravages of time". The area is home to restaurants, wellness centres, shops and offices, which serve the entire Centergross complex.

Jurors are looking for a design that offers the fashion destination a new international identity and acts as a monument to Italian fashion.

"As the most important design brands, they will have the chance to leave a mark in the history of contemporary architecture, offering their creativity to one of the most demanding and refined pillars of the global economy: fashion," said the competition organisers.

Entries will be judged by an international panel, including Patrick Schumacher of Zaha Hadid Architects, Benjamin Gilmartin of Diller Scofidio + Renfro, Marie Hesseldahl of 3XN and Aurélien Coulanges of Ateliers Jean Nouvel.

A total of €20,000 (approximately £18,000) in prize money will be awarded. The winner will receive €10,000 (approximately £9,000), the runner-up gets €4,000 (approximately £3,500) and the third prize is €2,000 (approximately £1,800). Four gold honourable mentions will also receive €1,000 (approximately £900) each.

Ten other finalists will receive an honourable mention and a further 30 finalists will receive recognition from the jury for their contribution.

All material and guidelines for the competition can be downloaded from the YAC website. Entrants must then register and upload their project. Registration is open and submissions are being accepted until 31 January 2018. Winners will be announced on 5 March 2018.

Details about dates and prizes are listed below. For more information, visit the YAC website or contact the organisers.

Prizes:

First prize: €10,000
Second price: €4,000
Third prize: €2,000
Four gold honourable mentions: €1,000
10 honourable mentions
30 additional finalists

Calendar:

Early bird registration: 23 October to 26 November 2017
Standard registration: 27 November to 21 December 2017
Late registration: 22 December to 28 January 2018
Material submission deadline: 31 January 2018
Jury summoning: 5 February 2018
Results announcement: 5 March 2018