Nordicum - Real Estate Annual Finland 2017 | Page 27

Waiting for Metro
The western metro project has been delayed from its August 2016 launch , but the metro line should be up and running sometime in 2017 , as Finland celebrates its centennial . As the metro kicks off this year , more than 20,000 passengers will be using the Tapiola station every day . Looking at those types of volumes , it is easy enough to picture that a completely new chapter in the development of the neighbourhood is about to begin . With modern mass transportation terminals , wellorganised parking and maintenance arrangements , Tapiola seeks to do more than just recapture its former glory .
The blocks to the south of the original Centre will be renewed according to the same urban sociological principles that created the Garden City . As a consequence , the Tapiola Centre will be totally transformed . For example , the level previously in use for private car traffic ( Merituulentie ,) will feature retail spaces and a pedestrian area ; there will be plenty of parking space for bikes in the vicinity of the metro station ; and new plazas and pedestrian streets will appear in Tapiola Centre , and the roof area will be green and well-groomed .
Ainoa Grows Up
And then there is the shopping centre Ainoa ( owned by Tapiola KR III Real Estate Fund ) which is ushering in a new era for local shopping . Having opened its doors in October 2013 , the newcomer is still relatively small but gaining ground :
“ The big date ahead is 16 March , 2017 , as we open the expansion of Ainoa ,” says Kim Särs . With Phase II completed , Ainoa will feature 30,000 square metres and 50 stores – and demand for retail space is exceptionally high right now . At the time of the interview in early December , the occupancy rate was 99 %.
“ Rest assured , we will be fully booked by the time the doors open .”
The second phase of the development will see the shopping centre expanding over Merituulentie . The expansion will include , for example , premises for the department store Stockmann , another legend in its own right .
Phase III Kicks Off
After the second phase is completed , the third phase will start by demolishing the building where Stockmann was previously situated and constructing new premises . The demolished building will be replaced with premises of approximately 20,000 square metres , and after that Ainoa will cover over 50,000 square metres and include 100 shops .
“ Third phase of Ainoa will be completed by 2019 ,” Särs says , adding that Ainoa is not in the market to compete with size , but , instead , with quality .
“ We ’ ve seen the trend where ‘ big is beautiful ,’ but for today ’ s consumers , it ’ s more about the content and service .” At Ainoa , there is attention to detail that you ’ d be hard pressed to find elsewhere ; for instance , the already completed parking facilities ( accommodating 2,000 cars ) were specifically designed to be a part of the shopping experience , instead of a “ mandatory ” logistical arrangement .
“ The parking cave is very special with its signature blue colour , and also glass and wood have been used to give the cave a genuine look .”
Residential Renaissance
Ainoa is also strengthening the residential element in Tapiola since a completely new type of residential area is now being built on top of the shopping centre . Featuring five apartment buildings , the area is intended for the public , offering an attractive living environment in the heart of the Garden City . The area – going by the name Kirjokansi – will feature about 330 apartments .
“ For Tapiola , this is literally the next level . The views from all the apartments to the neighbouring park and beyond will be tremendous . In all this , the Garden City is truly being reborn ,” Särs says . l
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