Estonia, Investments, Real Estate

Top architects from Estonia and international firms are expected to participate in the architecture competition for the renewal of the properties situated at the addresses 2 Gonsiori Street / 6 Ravala Avenue in Tallinn. The deadline for submitting entries is 5 p.m. on Sept. 21.

As a result of the project, a new Kaubamaja sales building, a modern office building on Ravala Avenue and an underground parking lot are to be built. The floor area of the Kaubamaja building will increase 2.5-fold compared to the present solution.

Tallinna Kaubamaja Grupp AS said it will provide the stock exchange with information about the important steps, investment volumes, and further details regarding the construction of the new sales building in accordance with stock exchange rules.

The managing director of Tallinna Kaubamaja AS, Erkki Laugus, told that the company is planning to build brand new structures on its existing plot because the design of the existing buildings does not meet the requirements of a retail center catering to present-day and future needs. It is possible that the oldest portion of the compound, the building with a Soviet-era facade, will be demolished too.

"To buildings erected in the last century technical requirements different from today's requirements applied, and new buildings must be designed with present-day requirements in mind. To find the best comprehensive solution for the quarter, we consider it altogether justified to arrive at it by means of an architectural design competition," Laugus said at the time.

Initially Tallinna Kaubamaja Grupp planned to announce the competition for the architectural design in March 2016.