Real estate developers Hepsor and Tolaram Group will jointly invest €100 million in the development of the former Balti Manufaktuur industrial complex area in North Tallinn, which will result in a new residential area with commercial premises and 550 apartments.
Henri Laks, member of the board of Hepsor, said the aim is to create a multifunctional environment called the Manufaktuuri Quarter, which will be a city within a city. There will be culture and entertainment venues, city parks, and a new kindergarten built in the area.
"The goal is to create a branded attraction center for the residents of the region as well as for Tallinn as a whole," Laks said.
"In addition to the new buildings under construction, in the first stage we will reconstruct a large-scale red brick building for living and commercial premises," Laks added.
Tarvo Teder, Member of the Management Board of Tolaram Investments AS, said the development plans for the area have been set for some time. "Together with Hepsor, we have now reached the point where the architectural competition for the new ambitious residential area has been completed and construction can begin next summer," said Teder, who said the developers are investing a total of nearly €100 million euros at this stage.
The cooperation between Hepsor and Tolaram Group began with the development of Sitsi Õunaaia, which was the first stage of the development of the new quarter. In the course of the project, 269 apartments were completed, almost half of which were sold to LHV pension funds. The new residential area is the second stage of the quarter's development.
In the next stage, the developers plan to build a high-rise building in the quarter, the architectural part of which will be solved separately.
The total volume of residential and commercial premises to be developed in the Manufaktuuri quarter is 70,000 square meters, of which 6,000 square meters will be commercial and office premises. Altogether 550 apartments with 750 parking spaces will be built on the residential premises.
On Wednesday afternoon it was revealed architects Molumba and Kadarik Tüür Arhitektid won the architectural competition to design the quarter.
Balti Manufaktuur has been operating in the area between Telliskopli Road and the sea in Tallinn since 1900. By 1905, the cotton factory had about 1,400 employees, or almost a tenth of all Tallinn's industrial workers.
By 1924, the factory had 2,000 workers, and in addition to cloth, produced various yarns and quilts. In 1940, the factory was nationalized; In August 1941, the factory burned down and restored in 1945. In the 1990s, the factory was sold to a Singapore textile company, but there has been no production for several years.
Editor: Helen Wright