First stage of the E.L.L Kinnisvara Liivalaia tn development project to be completed in 2020
E.L.L. is building a complex comprised of two office buildings and one residential building in the City Centre of Tallinn, on the registered immovable located across from the Radisson Blu Hotel Olümpia. The architectural competition for the development project will be announced at the end of this year. The first stage of the development – the completion of a 30 storey building and an underground car park – is planned for 2020, with investments in the first stage exceeding EUR 40 million.
“Our goal is to build the most modern and highest quality multifunctional quarter in the heart of Tallinn. Currently we are proceeding with the specification of the concept, which is based on the location of the quarter in an important and highly visible area in terms of the design of the city. Taking into consideration the dominant development volume established in the detailed plan, we will be announcing an architectural competition at the end of the year to develop the final architectural solution. Design work will take place in 2017, with the start of construction planned for 2018. According to this plan, the first stage of construction – the 30 storey building and a two storey underground car park – will be completed in 2020,” said Indrek Moorats, Management Board Member and Director of Development at E.L.L. Kinnisvara.
The development project, located at the address Liivalaia tn 36/Juhkentali tn 1, covers a total of more than 40,000 m² of leasable Class-A office and commercial space, 5000 m² of apartments, and a total of 700 parking spaces in the two-storey underground car park and the multi-storey car park connecting the buildings.
„Based on E.L.L. Kinnisvara’s strategy, we will maintain ownership and manage the real estate to be developed, which means that we will be setting very high standards for our development. The Liivalaia project will also be designed following BIM principles and in accordance with the BREEAM sustainability assessment method for development. In addition, we will be contributing to the development of the city space – convenient access to the quarter via car or foot will be guaranteed, and the historic Tiigiveski Park will be restored,” added Moorats. “Buildings offering views of downtown are well suited for use as the headquarters of big companies as well as office space for ambitious smaller companies,” added Moorats.
E.L.L. Kinnisvara (www.ell-realestate.com) is one of the largest real estate developers in the Baltic States, developing and managing shopping centres, hotels and office buildings. The company’s current portfolio includes 190,000 m² of space to let. E.L.L. Kinnisvara has holdings in several leading shopping centres (Spice and Spice Home shopping centres, in Riga; the Panorama Centre, in Vilnius; and Viru Keskus, in Tallinn) and three office buildings (the Delta Plaza and the Sõpruse Ärimaja office building, in Tallinn; and the L3 in Vilnius). The company owns the Nordic Hotel Forum (operator OÜ Nordic Hotels) and together with AS Infortar it owns the Tallink City Hotel and Tallink Express Hotel, in Tallinn, with both operated by Tallink Hotels.