US Real Estate, which is owned by Urmas Sõõrumaa, has begun developing the Ahtri 3 property in Tallinn, where it will build the 86,000-square-meter residential and commercial Talsinki Quarter along the coast.
Sõõrumaa said that the new development is an expression of gratitude to the Finns, who travel around a lot in the region.
The heart of the neighborhood will be the central square, around which the developer wants to open commercial and retail spaces, popular with Finns for dining and services and where he expects office tenants to include Finnish as well as Estonian companies.
The residential and business district, named Talsinki, will contain about 31,000 square meters of commercial space. There are plans for over 14,000 square meters of retail, service and catering space, and over 17,000 square meters of office space.
There will be 301 apartments and underground parking at Talsinki Quarter, with a new tram line soon to be constructed, which will pass through the neighborhood.
US Real Estate, Sõõrumaa-owned real estate company, will start construction of the Talsinki Quarter in 2024 and the entire neighborhood is slated to be completed in 2027.
"Flowing Water" (Voolav vesi) is the winning architectural design for the Talsinki Quarter, designed by Arhitekt11 and HGA. The building's detailed planning is pending, while the concept and preliminary design have been finalized.
US Real Estate has a portfolio of over 130,000 square meters of rentable space and over 200,000 square meters of space under development. The company owns commercial real estate, school buildings and sports facilities. The overall value of the company's real estate holdings exceeds EUR 300 million.
Porto Franco development
Rauno Teder, manager of Porto Franco, which is adjacent to Ahtri 3, said both large developments will be supported by Tallinn's upcoming Old Harbor (Vanasadama) tram line.
Both the new Ahtri 3 development, owned by Sõõrumaa, and Porto Franco, owned by Teder, are comparable in size to the Rotermann Quarter, located on the other side of Ahtri tänav and also owned by Sõõrumaa.
Porto Franco, which has been in the works for a long time, is expected to be completed before 2027.
"We are nearing the end of the second phase and hope to have it completed by midsummer. It is still slated to be finished in the next two to three years," Teder said.
Neither developer fears a shortage of tenants. The city's new Old Harbor (Vanasadama) tram line, whose route and stops have been tailored to the developers' needs, plays an important role.
"There has been no shortage of tenants thus far, and the Tallinn City Government should be commended for starting the tramway construction. The tram stops are designed to be situated within 100 meters of the Porto Franco entrances," Teder said.
While Tallinn moves forward with its own plans, the proportion of brownfield land along the coast is rapidly decreasing.
"With the tramway passing through it, the A-Terminal area, which is currently looking rather dreary, will become a pleasant, attractive and accessible place for people. Next to that, we are also developing and confirming more detailed plans for the City Hall area (Linnahall) and I anticipate being able to share some of these plans in a couple of months," Tallinn's deputy mayor, Madle Lippus, said.
Editor: Mirjam Mäekivi, Merilin Pärli, Marko Tooming, Kristina Kersa