Porto Franco signed the contract for the general contracting of the construction of the first building with Nordecon AS: the building located on the side of Laeva Street with 3 underground floors and 5 ground floors is under construction. The building will be completed in early 2020. The cost of the work is 18,5 million euros; VAT will be added to the price.
“Currently, the design and concrete works have been carried out by the consortium NOBE and Kontek Int AS, and we have reached the stage of facade work. We signed a general contract with Nordecon to move forward with the construction and complete the house early next year,” said Rauno Teder, Chairman of the Board of Porto Franco OÜ. “The two lower floors of the first stage to be completed will accommodate retail and catering areas: retail areas on the Old Town side and in the central part of the building and a restaurant-café overlooking the marina of the Admiralty Basin. The three top floors of the building will be occupied by a hotel of the Norwegian hotel chain Citybox, to be opened before the beginning of the season – in early spring of the year 2020.”
“Porto Franco, in the immediate vicinity of the passenger and cruise port of Tallinn and just a stone’s throw away from the Old Town, will be the new heart of the city, which when completed will transform the appearance of Tallinn for both tourists arriving by sea and local residents. Porto Franco will finally open the center of Tallinn to the sea,” said Gerd Müller, Chairman of the Board of Nordecon AS. “We have done a lot of preliminary work for the purpose of implementation of this project, and we are happy to now start with the construction. The main volume of the building, which will be completed in autumn, is articulated in the middle of the building with an airier, narrower glass volume, where the main entrances are planned. Porto Franco will be built according to the standards of the Leed Gold certificate and will meet the high standards in terms of environmental sustainability, energy use, construction, and building materials. ”
The total area of ca 8500 m2 of Citybox Tallinn Hotel will accommodate 272 rooms, making it the eighth largest hotel in Tallinn. Citybox is an innovative, fully automatic hotel with a new concept that will offer 1-2 room suites and family rooms. Citybox Hotels has been selected as a travelers’ favorite several times on TripAdvisor.
The Nordecon Group includes companies that focus on project management of constructing and contracting for buildings and facilities. Geographically, the group companies operate in Estonia, Ukraine, Finland and Sweden. The Group’s parent company, Nordecon AS is registered and located in Tallinn, Estonia. The Group’s consolidated revenue for 2018 was 223 million euros. The Nordecon Group currently employs nearly 660 people. As of May 18th, 2006 the shares of the parent company are listed on the main list of NASDAQ Tallinn Stock Exchange.