The construction of a high-rise building for the Estonian Business School (EBS) in the heart of Tallinn has reached the point of acquiring a building permit, Mart Habakuk, member of the board and chancellor of EBS and partner at real estate firm Metro Capital, said.
Last month, the EBS applied for a building permission in Tallinn.
The company plans to begin development of the 30-story residential, commercial and educational building before 2025.
"This all hinges on the building permit and the economic situation, i.e. consumer confidence," Habakuk told ERR.
The development will be carried out in two phases: the first phase will consist of an underground parking space (three underground floors), and the second phase will comprise a new four-story building at the intersection of Lennuki and Kuke streets and a 30-story tower on the eastern side of the plot.
The Finnish architectural firm ALA OY won the architectural competition for the EBS building in 2020. The winning design calls for a 4,500-square-metre extension to the existing 6,000-square-metre building at Lauteri tänav reaching as far as Lennuki tänav.
The new EBS building will feature lecture halls, group study rooms, conference rooms and quiet work spaces.
The higher floors of the building (a total of 15,000 square metres) will house apartments, the sale of which will cover the most part of the necessary investment the new EBS learning and business facilities.
The Estonian Business School (EBS) is a private university with campuses in Tallinn and Helsinki. The university has 1,400 undergraduate, graduate and doctoral students, more than 300 of whom are Finnish nationals. The EBS Group also manages a secondary school with 120 students.
Editor: Kristina Kersa