Arco Tarc, a subsidiary of the residential real estate developer Arco Vara, specializing in construction contracting, successfully finished the Kodulahe quarter Rannakalda development ahead of schedule, despite the fluctuating market conditions.
According to Miko Niinemäe, the CEO of Arco Vara, Rannakalda was a demanding project for Arco Tarc, the first project for the team formed two years ago, and they handled it exceptionally well despite the unpredictable market conditions. “The new team had the task of creating over 100 homes in a logistically excellent but construction-wise challenging location due to the somewhat complex nature of building on the coastal soil,” Niinemäe stated.
Arco Tarc initiated the construction of the Kodulahe quarter Rannakalda development at Lammi 8 in February 2022 initially planning to finalize it in the first quarter of 2024, but the project was completed well ahead of time by the end of 2023. “Completing a project ahead of schedule is not an everyday occurrence in construction, so despite the changing circumstances, the construction company truly excelled with this project,” Niinemäe emphasized.
Lauri Männiste, the CEO of Arco Tarc, mentioned that during the project, they faced not only construction peculiarities but also economic challenges. “When we planned the Rannakalda construction, times were very volatile. The availability of materials sharply decreased, prices rose rapidly, and the war in Ukraine began in the first months of the project. We had to consider these resulting risks, and some of these risks did materialize,” he commented.
Männiste highlighted that controlling costs was influenced by contracts and transparent agreements with suppliers. However, he considered the greatest success factor of the project to be the collective efforts and synergy between the team members: “The key to the success of the construction project was primarily an excellent team, including open collaboration between the construction and development teams.”
Charging for electric vehicles for everyone
The new development comprises 108 homes with up to five rooms, five commercial spaces, and an underground parking lot. Over half of the apartments were sold and handed over by the end of the previous year. All Rannakalda buildings are A-energy class, equipped with solar panels, underfloor heating, and a heat recovery ventilation system in the apartments. Männiste explained, “While solar panels are already a common sight today, the readiness of an electric vehicle charging point for each parking space, provided by Enefit Volt, is a pioneering project in the apartment building market.”
“In the coming year, our construction company is ready to start two new development projects for Arco Vara – the expansion of the Kodulahe quarter to the Soodi 6 property and the beginning of the Arcojärve residential quarter on the shore of Lake Harku,” Männiste revealed plans for the near future.
Beautifying the beach and green areas
Arco Vara aims to develop comprehensive living environments, which has also been a priority in the Rannakalda development, in which the company invested 25 million euros. “For example, we have made significant additional investments in our initiative to beautify the beach and green areas,” Niinemäe stated.
Niinemäe emphasized that the trump card for Rannakalda is undoubtedly its unique location being close to both the city center and the sea. Both the development and construction company leaders highly appreciate the private surroundings of the completed new development as they are rare to find in Tallinn. “What certainly makes Rannakalda unique in the future is the fact that it is simply not possible to build anything else around it on three sides, so pleasant privacy will be preserved in any case,” Niinemäe concluded.