Trevian-developed housing project gets green light
Trevian’s residential development project in Tapiola, Finland, has received a legally binding planning decision from the city of Espoo. The residential block will be built in one of the most valuable areas in Espoo replacing a long-vacant office building, the fate of which has been determined through a thorough authority approval process. The block, in the middle of a park area next to the commercial center, is designed to combine high-quality, city-center living with closeness to the natural environment. Trevian, in collaboration with the authorities, has created a new value-increasing development direction through a successful area plan alteration.
Prior to being taken under Trevian management, the property in the central area of Tapiola, had long been a question mark for the area’s real estate development. The alteration process for the former office property has been carried forward in a purposeful and controlled manner by Trevian in line with the area’s cultural and architectural value. This case is a good example of taking a well thought out approach to a standard and functioning zoning process. It might take some time, but that time is predictable.
As the planning decision came into force on October 27th, 2022, a more detailed architectural design can now be initiated as the next step in the project.
Following the approved planning decision, the former office building will be replaced with a residential block. The garden block is next to the central commercial area and has been planned with respect for the surrounding natural environment and future city development opportunities. Residential buildings of different heights will be placed spaciously in the landscape. The tallest of the buildings, with ten floors, will offer a sea view to the south from the top floors. In total the block will contain approximately 400 new apartments.
“We have added significant value to the property through the successful plan alteration. The cooperation with the authorities of the city of Espoo has been positive and constructive; we achieved the result and goals we anticipated. Our development project will create a vibrant, community focused place to live in the heart of Tapiola that complements the architecture of Finland’s best-known garden city and takes into account the national landscape”, says Kim Särs, Business Director for Residential Real Estate at Trevian Asset Management.
Trevian Asset Management is Finland’s leading real estate asset and investment management company with over €1,2 Billion of assets under management. We specialize in office, retail and residential property. With eight regional offices, we provide unrivalled local expertise across the whole of Finland. Trevian was established in 2012 and is owned by its key personnel. Trevian services are focused for institutional real estate investors, banks, and other professional investors. www.trevian.fi/en/
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