Vilnius-based developer Releven has announced the receipt of a construction permit for the Horizontai project on the right bank of the River Neris at 59 Lvivo Street. With an estimated cost of €220 million, the Horizontai project aims to shape the landscape of the Central Business District (CBD) in Vilnius.
The project encompasses the construction of two residential high-rises featuring approximately 300 apartments, along with three office buildings housing administrative, service, and retail spaces. Additionally, a dedicated building for restaurants will be included.
"The Horizontai project will eliminate the hassle of daily traffic and parking, allowing residents to save time and money while contributing to environmental protection by reducing car emissions. This development will create a self-sufficient neighbourhood with a diverse range of services and retail outlets, providing residents with everything they need within a 15-minute reach," said Guido Wolf, Director of Sustainability and Innovation at Releven.
Sustainability solutions will include incorporating solar panels on building roofs and utilising geothermal energy for heating. Office buildings will achieve BREEAM Outstanding and Well Gold certification, while residential buildings will be BREEAM New Construction certified.
The 22-storey residential tower within Horizontai will feature 100 apartments, ranging from 50 to 170 sqm, along with amenities such as meeting rooms, co-working spaces, a private mini cinema, sauna, gym, and more. The other two buildings will offer 200 smaller apartments, community spaces, landscaped terraces, and ground-floor service businesses and cafes.
Construction of Horizontai is slated to commence in 2024, following a contractor selection process through a tender. The project will unfold in multiple phases, with the first phase, the largest in volume, expected to be completed in early 2027.
Investment oversight for the Horizontai project is managed by UAB Žabolis ir partneriai kapital valdymas, a management company overseeing assets exceeding €300 million across five investment companies.
