A New Commercial Area Is Emerging on the Plot of Eesti Energia That Has Been Idle
Real estate developer Favorte bought a 17,000 square metre property from Eesti Energia in the Kadaka area of Tallinn, which will be transformed into a modern business district, offering retail and office space as well as stock-office type premises. According to the developer, the Kadaka district is far from reaching its full potential and more commercial and residential space is about to be added there in the near future.
“As of today, Laki Street has become somewhat depreciated as an environment and its immovable property is often considered to be outdated. Parallelly, the location has great potential due to the proximity of the highways and city centre, and the demand for more modern business premises continues,” said Madis Lett, Project Manager at Favorte. "A 17,000 square metre business block will be built on the Joostimäe 3 and 5 and Kadaka 42b and 42c properties and the heart of it will be the Kadaka Trade Center, or in other words, KTC. The planned investment volume is 12-15 million euros and the project should be completed within three years,” added Lett.
The developer also points out the proximity of major Kristiine and Mustamäe shopping centres as the area's strengths, and the technology companies cooperating with Technical University of Tallinn could also find suitable space in the future district due to the vicinity of the university. “It may seem that the area has a well-developed social and technical infrastructure, but in reality, the city is constantly evolving. The business district being built by Favorte, as well as the residential areas that are emerging in the vicinity, will certainly give the district a fresh outlook and render it a more attractive living and working environment,” said Lett.