The opening of Porto Franco at the Port of Tallinn has been postponed until the end of the first quarter of 2021, but in April this year, Citybox, a Norwegian hotel chain, will open its doors.
Rauno Teder, CEO of Porto Franco, told ERR the first phase of the development should be completed by the end of March and the Citybox hotel will begin operations in April.
The rest of the development is in the second phase. Concrete construction is currently underway and the buildings are slowly reaching their maximum height.
"The zero cycle is coming to an end. Now life is more fun - all the investments that are made are going into building a house, not just digging a hole anymore," Teder said.
Although last spring he hoped the whole center would be completed in September 2020, plans have now been moved back.
Teder said the opening will take place at the end of the first quarter of next year, when commercial and office space will be completed. Justifying the delay, he said with big developments there were always unwanted concerns that had to be overcome.
To date, around 60 percent of the area has agreements for the space and 25 percent have been the subject of preliminary agreements. What tenants will come to the center apart from Prisma and Peek & Cloppenburg department store in Porto Franco, Teder did not want to say.
"There is a separate plan to announce them. There are newcomers, but it all has to go according to plan," he added.
Teder said the total cost of the development, €190 million previously announced, has remained at the same level.
Editor: Helen Wright