Releven’s mixed-use project in Vilnius secures approval

25
Jul
2023
News - Releven’s mixed-use project in Vilnius secures approval #Baltics #development #Lithuania #mixed-use #residential #Vilnius

by Property Forum | Residential

The concept design solutions for the new mixed-use Horizontai project in Vilnius' CBD by real estate developer Releven received the approval of the municipality. The company expects to receive a construction permit for the construction of the €200 million project this year.


In total, six high-rises with an area of 55,000 square meters above ground will be constructed with offices, residential buildings, shops, and restaurants. The developer expects to commence construction works at the beginning of next year.

The tallest building of the project – a residential skyscraper – will reach a height of 85 m. The structure of the building will allow flexible changes in the interior spaces, adapting them to changing living conditions. The areas of residential premises will be significantly larger than average apartments in Vilnius. The largest will reach 190 square meters.

15-minute urban hub

Horizontai is one of the first projects in Vilnius aimed at promoting the implementation of the 15-minute city concept. Releven is creating such a quarter that would be comfortable to live and work in and meet all the needs of modern urbanites. This is a new concept of an inter-laced residential and office block, which, as the company hopes, will become an example for the development of other districts of Vilnius.

The Vilnius 'New City Centre' and its surrounding area boast a promising infrastructure, a sizable population, and the potential for rapid growth. Development plans for the district anticipate a significant influx of people in the future, making it likely that all essential resident services will operate successfully here. Currently, the district offers a considerable range of services; however, according to Viktoras Zubrecovas, there is still room for improvement, as some services are too far away.

Architectural vision

During the development of the project, two winners of the architectural competition were selected. The project of the accent residential skyscraper was prepared by the company Arches, and the multifunctional complex and the layout of the block are designed by Aketuri Architektai.

A CBD with potential

Mindaugas Pakalnis, the chief architect of the city of Vilnius, says that on the right bank of the Neris river in the 1960s, urban planners envisioned a new city centre with trade and offices. Today, the priorities are different. The city does not want a monofunctional office and shopping district that empties out in the evenings.

The architect notes that most of the capital's streets were planned first for cars, then for cyclists, and only then for pedestrians, and it should be the other way around. "Streets should be safe and pleasant for pedestrians, a strip of bushes should protect them from cars and pollution, trees should provide shade," he says.




New leases

  • UDH, one of Poland’s largest distributors of premium imported beers, has leased approximately 1,400 sq m of modern warehouse and office space at the Park Rysy Kraków distribution centre. The tenant, which has chosen to expand its operations in southern Poland, was once again represented by AXI IMMO.
  • Golden Star Estate has secured a long-term lease agreement with global technology solutions and consulting provider C&F for nearly 1,900 sqm of office space at the Konstruktorska Business Center. Following the transaction, the property, located in Warsaw’s Mokotów business district, is now almost fully leased. The Polish branch of C&F will officially relocate to the facility at the beginning of 2027.
  • Natland Group has committed to its long-term presence at Prague-based Rohan Business Center through a lease extension covering 2,004 sqm of office space, together with storage facilities and dedicated parking spaces, in a deal brokered by iO Partners.

New appointments

  • Indotek Group has announced the appointment of Diederik Bakker as Group Chief Investment Officer and Group Head of Asset Management. In his new role, the Dutch real estate investment professional will gradually assume responsibility for the company's ITAM (investment, transaction, and asset management) activities across 12 European countries, supporting the next phase of Indotek Group’s growth. His focus includes facilitating sound investment decisions across Europe and developing a group-level portfolio management strategy that combines local market knowledge with international asset management know-how.
  • Peakside Capital Advisors has appointed Bogi Gabrovic to advise the board and support its investment and acquisition activities in Poland. Gabrovic brings more than 25 years of CEE real estate experience to the role, having previously held senior executive positions at CTP, Golub & Company, and White Star Real Estate, where she managed transactions exceeding €2 billion.
  • Katarína Brydone, Jana Vlková and Vendula Maršová have been appointed as the first Equity Partners of Colliers’ Czech business. Brydone brings more than 20 years of experience in international real estate. Vlková has more than 25 years of experience in commercial real estate. Maršová, Partner and Head of Valuation and Advisory Services, brings more than 16 years of experience in real estate valuation and advisory.

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