Construction, Estonia, Good for Business, Port, Real Estate, Transport

The works carried out by NOBE and Kontek Int AS are done in a volume of nearly 77,000 cubic meters. The construction activity will start in September this year, Nordecon told the stock exchange.

The total cost of the works is approximately 31 million euros plus value added tax.

Rauno Teder, a member of the management board of Porto Franco, said in a press release that the center's underground preparatory construction works are being finished and in the fall the project will continue with building the center's main constructions.

Porto Franco is a complex of buildings to be erected between the city center and the Admiralty inlet of the port of Tallinn that will consist of commercial and office space, space for cafes and restaurants, as well as a seaside promenade.

The plot of land cost 40 million euros and total construction cost is projected to amount to 110 million euros, to which 5–10 million euros will be added in development and interest costs.

The complex having three underground levels and five levels above ground will have a total area of approximately 150,000 square meters.

The core owner of the project is Hillar Teder and investors include the company OU Bonaares belonging to Lembit Lump and the company OU Amalfi belonging to Heldur Meerits.