Arco Vara and its partners laid the cornerstone for the Kodulahe Rannakalda residential development in Merimetsa. Three- and four-story A-energy class residential houses are being built in this seaside property located on the Stroomi beach.
Miko Niinemäe, CEO of Arco Vara, said at the cornerstone ceremony, that when building homes for people, Arco Vara is seeking unique locations. “Rannakalda houses are being built by the sea, away from the city noise, but in fact, the city is right here,” said Niinemäe. He added that a special location also places a great responsibility on the real estate developer – towards both people and the environment. “I can confirm that we build homes just like we would build them for ourselves, and that’s what we really do because several Arco Vara employees already live right here in the Kodulahe quarter.”
According to Niinemäe, it’s not the easiest period in the real estate market at the moment, because developers are struggling with growing construction prices, and home buyers are worried about the greatly increased square meter prices. “The developer must take these challenges as an indicator of showing our competitiveness. The strength of Arco Vara is definitely our employees, our own construction company Tarc, and our partners such as Enefit and Coop Pank.”
Arko Kurtmann, Head Of Corporate Banking in Coop Pank, said that it is the construction of homes, not just apartments, that Coop Pank values in Arco Vara. “Coop Pank’s mission is to further life in Estonia, and what could be better for that, than contributing to the creation of new homes,” he said.
“We are sure that it is always a good time to build homes, and the homes created here, will have a positive emotional connection with families for a very long time. This approach resonates with us and we are grateful that we can participate in this development as a national bank,” said Kurtmann.
The main contractor in the construction of Kodulahe Rannakalda is Arco Tarc, a recently founded subsidiary of Arco Vara, led by Lauri Männiste. “If traditionally, a cornerstone marks the first stone of the construction, then the development of Rannakalda is the cornerstone of our young company Arco Tarc. On the other hand, nowadays in construction, the development is not a contribution of only one company anymore, because the field is so specialized and therefore the cooperation with different parties has become very important,” said Männiste and emphasized the value of good business partners. “Our entire team is highly motivated to build this development and we have a desire to do it very well.”
108 homes will be built in the Rannakalda new development at Lammi 8, and the apartments will have up to five rooms. Most of the apartments will have a terrace or balcony. In addition, five commercial premises are planned for Rannakalda.
The parking area is under the building and in cooperation with Enefit Volt, preparations are being made for the installation of an electric car charging station for each parking space. If the owner of the parking space drives an electric car and wants a charging service, they can rent or buy the station from Enefit Volt, and later, if they wish, they can return the station to Enefit Volt and terminate the contract.
Completion of the Rannakalda is planned for 2023, around 35% of the building has already been booked. Arco Vara has planned to invest 26 million euros into Kodulahe Rannakalda development.