Early next year, work will get underway to construct four buildings on a long-vacant site close to Pirita TOP in Tallinn. Three further residential buildings are also set to be built on the site in the future.
According to the detailed plan, which was adopted in 2013, the buildings located at Regati puiestee 1/3/5 were to be reconstructed and replaced by a beach promenade and water center, along with apartment and commercial buildings to become the Pirita Center. The property was previously owned by the company Pirita Promenaad OÜ.
In 2021, the Regati puiestee 3 property was purchased by residential real estate developer Liven in a public tender for €12 million. The site has remained in an unchanged state for years.
The developer has now put properties in the four three-story apartment buildings set to be built at Regati puiestee up for sale. The buildings are advertised as having geothermal heating, solar panels and being close to the sea. Three more buildings are also set to be added in the future.
Liven CEO Andero Laur told ERR that 108 apartments will be built during the first phase of the works and 112 in the second. The properties first went on public sale in May.
"Construction has not yet begun, it will start early next year. The buildings will be completed in 2025," Laur said.
The apartments will contain between one and six bedrooms and be priced between €218,000 and €2,175,000. The cost of the apartments in the complex ranges from €4,500 per square meter, to over €10,000 per square meter for those with sea and city views along with large terraces or balconies.
According to Lauri, around 40 percent of the apartments have already been reserved.
The development will also have 2,200 square meters of commercial space including a restaurant, café and other services.
Editor: Michael Cole