AV1 Arco Vara A.S.

Detailed planning for the Arcojärve has been initiated

Detailed planning for the Arcojärve has been initiated

On 19.10.2022, the Tallinn City Government initiated the detailed planning of the plot soon belonging to Arco Vara subsidiary Kolde OÜ, located at Paldiski road 124b, according to which a new residential area named Arcojärve will be built by lake Harku.

The purpose of the detailed plan is to assign building rights to the property with a land area of nearly 7 hectares: one to four-story buildings, totaling approximately 400 homes and two commercial buildings.

At the same time, Arco Vara will undertake a commitment to clean up the beach area of lake Harku. CEO of Arco Vara Miko Niinemäe's comment: "Our goal is to offer a beautiful natural enviroments for living, but at the same time we want to give something more to the whole region. The Arcojärve plan forsees the construction of a new beach building, sports facilities and playgrounds. The light traffic road passing through the beach area will also be repaired, lighting and benches will be added."

The start of the construction of the residential area and the sale of apartments is planned for the first half of 2024. The size of the investment is about 105 million euros.



Tiina Malm

CFO

Arco Vara AS

Tel: +372 614 4630



EN
21/10/2022

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