Developers battle for vacant waterfront area in Tallinn01.06.2012, 09:01
Kalamaja, one of the districts of Tallinn, has a waterfront area that is still vacant and that has become a major battle-ground for developers, writes Äripäev.
For more than a decade, various developers and the City of Tallinn have attempted to approve a detailed plan for the area, but failed because local residents and the Union of Architects are strongly opposed to any development plans in the area.
The draft detailed plan of the area has received virtually hundreds of protests and complaints.
The key concern of local residents that are represented by Telliskivi Selts society is whether the coastline will remain accessible for the public and whether the building volumes proposed by the developers are not too excessive.
Three developers including Pro Kapital have acquired land in the area and are aggressively lobbying for the right to start building several apartment houses.
The other two are Merko and Van Dahl Investments.
According to the detailed plan, developers could build up to 530 apartments in the area. Business would be good because real estate agencies estimate that apartments in the area could be sold at up to 2,300 euros a square metre.