Merko signs contract for €100 million Liivalaia Quarter
Real estate developer Kapitel and construction firm Merko have signed a contract for underground construction work and outside terraces for the Liivalaia business and residential quarter. The developer plans for the project's three buildings to be completed by the middle of 2024.
The new quarter will have three interconnected buildings, including Estonia's tallest office building.
Developer Kapitel's total investment for the quarter to be erected opposite the Radisson Blu Hotel Olümpia on the intersection of Liivalaia and Juhkentali streets is around €100 million.
The project with a total gross area of 77,000 square meters, including 36,000 square meters of rental space consists of three buildings and a parking garage between them. A nine-floor rental apartment building will be completed in January of 2024, a 15-floor office building with 9,000 square meters of rental space in May of 2024 and a 28-floor office building with rental space of 19,000 square meters in August of 2024.
In addition to office space and rental apartments, the quarter will also host 5,000 square meters of various catering and service premises, including a diner, café, restaurant, a 25-meter swimming pool for employees, sports club, miniature spa, beauty and health services, as well as a conference, meeting and event venue.
The Liivalaia Quarter was issued a building permit in January. The underground work and outside terraces contract is worth around €14 million and construction work is projected to take 19 months.
CEO of Kapitel Taavi Ojala said that the entire quarter should be ready by mid-2024.
Marek Hergauk, head of the general construction division at Merko Ehitus Eesti, said that the project is among the most ambitious Estonia has seen and is characterized by a tight schedule and the need to work in busy city center traffic.
The quarter's two-floor underground parking garage and its above-ground counterpart will have a total of 470 parking spaces and a carwash. The complex will also have Estonia's largest indoor bicycle parking lot and bike wash, as well as dressing rooms and showers.
Kapitel initially sought double the number of parking spaces the city authorized.
"Unfortunately, we could not get a permit from the city to construct as many parking spaces as we wanted or double what there will be. We do not share the city's optimism in terms of people trading in their cars for public transport and bicycles in the near future. That is why we have acquired two empty plots next to our project where we can build additional parking spaces for employees and visitors of the quarter. We also have plans for a nursery to make life easier for residents," Ojala said.
The Liivalaia Quarter was designed by Martin Aunin and the interior by Arhitekt11 that won an international competition.
Kapitel will build a square in front of the buildings and two new access roads to Imanta and Võlvi streets, a green area and a public park alongside Veski street where a light traffic road marking the once bed of the Härjapea River will be constructed.
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Editor: Marcus Turovski