Businessmen Marcel Vichmann, Veljo Kuusk and Tiit Pruuli want to put up a new shopping center on a property located across the street from Tallinn's Kaubamaja department store, however neighboring apartment associations are against the plan.
Estonian daily Äripäev (link in Estonian) reported that the planned development would affect more than 50 apartment owners and one apartment association has submitted an appeal in protest to the city of Tallinn, the developer and the designer.
According to the paper's information, the developers plan to demolish the former Developers' House (Projekteerijate maja) located at Rävala puiestee 8 as well as the building located at Estonia puiestee 1/3 and construct a new 70,000 square meter, or over 750,000 square foot, shopping center known as Rävala Gallery (Rävala galerii) in their place, of which approximately 30,000 square meters, or almost 320,000 square feet, of space is slated for service and retail use and a small portion will be dedicated to office spaces.
The development of the Rävala block is being led by Brave Capital, headed by Veljo Kuusk; also involved with the project are Go Group and Norber Grupp, the latter of which is owned by Jaanus Paas in addition to Vichmann.
The newspaper noted that the entire investment will cost upwards of 100 milion euros, all of which will be covered by the owners and banks, and that the project is scheduled to be finished by 2020.
Editor: Editor: Aili Sarapik