Estonia, Good for Business, Real Estate

The property of 8 Kalaranna Street in Tallinn will have eight new buildings with 240 apartments, commercial premises and underground parking.

The value of the contract is 40.5 mln euros plus VAT. The design and construction works will be carried out in smaller stages and it is planned to start as soon as possible. The completion of the project is currently scheduled for the end of 2021.

The project is confirmed to be financed by the domestic LHV Pank.

"Thanks to its location near the Old Town, rich history and close proximity to the sea, Kalaranna Quarter is undoubtedly one of the most unique areas in Tallinn. It is a truly well-considered and carefully thought-out living environment that is both comfortable and appealing to its residents and visitors alike," Paolo Michelozzi, CEO of AS Pro Kapital Grupp, said in.

The architects of Kalaranna Quarter are Mihkel Tuur and Ott Kadarik together with the team of architects from Kadarik Tuur Arhitektid.

Kalaranna Quarter with its total area of nearly 39,000 square meters will be built in three phases. A total of twelve buildings will have a total gross area of approximately 38,300 square meters. The buildings will be adjacent to the Linnahall arena and Kalaranna parks and are planned to have four to five storeys.

According to the detailed plan, a single-storey, 20,000 square meter underground car park with approximately 450 parking spaces is planned for the property.

By the end of the first two phases of construction, a land area of approximately 31,500 square meters will be developed -- eight buildings with a gross surface area of approximately 25,600 square meters and two thirds of the underground car park with approximately 370 parking spaces.