Developer Scraps Panorama City Project (2)
E.L.L. Kinnisvara has unexpectedly decided to bow out of a large shopping center project between Lasnamäe and the city center.
The decision was made by the owners including Toomas Annus and Tõnu Toomik in late January, Äripäev reported.
Postimees wrote last April that the project had already faced delays, with the original 2014 deadline shifted to 2015.
At the time, CEO Aldo Dapon said negotiations with banks were on the home stretch, and the delay was due to an increase in the cinema and entertainment part of the complex.