In association with our investment partner Kala House OÜ, we acquired the Luther Quarter property in central Tallinn in February. As the developers of the quarter, we will be combining old and new architecture in this historical space, constructing a new park and establishing an innovative living and working environment in the heart of the city.
Triple Net Capital partner Andres Urb says that the Luther Quarter development is a project which has been long in the planning, since breathing new life into the district comes with great responsibility. “People in Estonia and the companies that operate here have shown that they hold spaces that retain their history but have been thoughtfully enhanced and take modern needs into account in high regard,” he remarked.
Urb added that there is a great deal of hidden potential in the Luther Quarter, which is of important historical value. “After a lot of waiting, the right time has come to make something of it,” he said. This includes renovating the remaining parts of the quarter’s original industrial architecture and adding to it with new buildings. According to the plans for the property, the quarter will be home to 400 apartments and around 40,000 square metres of commercial property, developed in two stages.
The unique value of the Luther Quarter lies in what its developers feel will undoubtedly become its biggest drawcard: the 5000-square-metre Luther Park to be established at the very heart of the quarter. This green focal point will serve as a new meeting place and a venue for open-air events and will enrich the public space of the city centre in every way. It will be comparable in size to the parks on Falgi, Koidu, Lembitu and Vaikse streets and to Freedom Square. In designing access to and movement within the quarter, the focus is on foot and two-wheeled traffic: a network of streets is to be developed with pedestrians and cyclists in mind, to which there will be good access from the surrounding areas.
The Triple Net Capital team envisions the Luther Quarter as a new destination for start-ups, being similar in structure to Silicon Valley. More than that, it is predicted to become a very popular meeting place not just for residents of the surrounding Tatari, Veerenni and Uue Maailma districts, but for people from all over Tallinn and visitors to the city.