Nordicum - Real Estate Annual Finland 2019 - Page 34

Revitalizing Communities Senate spearheads urban development in key locations across Finland Senate Properties is known as the real estate asset manager of the Finnish Government. With as many as 9,000 buildings around the country (the hefty property portfolio totaling €4.4 billion), the company provides its clients with work environments which help to improve performance, while reducing the cost of the premises for the government. P resently, the most high-profile project of Senate Properties is the remaking of Central Pasila, the transportation hub located just north of Helsinki down- town. The recent Helsinki High Rise design- build competition put out a call for compa- nies to plan and raise ambitious high-rise architecture in the area, and in October 2018 it was announced that YIT’s proposal – by the name of Trigoni – has been put forward as the winner of the contest. The competition assessment panel’s proposal concerning the winner of the com- petition will be processed later this year by the decision-making bodies of Helsinki and the Finnish government. The Helsinki High Rise competition, organized by the Senate Properties and the City of Helsinki, sought a high-quality design to form the basis of the city plan for the Tower Area, as well as an implementer for the so-called Start-Up Area, where the construction of the Tower Area is planned to begin. Tower Power The Tower Area encompasses an area south of Pasila Bridge, between Pasilankatu and Ratapihantie, entailing 150,000–200,000 34 Nordicum floor square metres of residential, office and shop space. Proposal Trigoni comprises the design (i.e. the main idea) for nine tower buildings located to the south side of Pasila Bridge. Two of the towers, comprising 51 and 40 stories respectively, are to be located in the Start-Up Area. The highest floors of these two towers will consist of apartments, while the lower floors will house offices and a hotel. The towers will be encircled by a 2–3-story base portion and also include underground facilities under the pedestrian areas, which will house additional business premises and a spa, among other facilities. Mauri Sahi, Director, Real Estate Development and Sales for Senate, says that announcement of the competition winner represents a big step forward in the devel- opment of the Central Pasila. “We have great expectations for the area and believe that there’s something very special being created here,” says Sahi. living. In fact, by 2040, Pasila will be home to approximately 30,000 residents and pro- vide jobs for more than 50,000 people. “Looking at the situation, say, ten years ago, you can see that we’ve already come a long way in the re-development effort – and still gaining momentum,” Sahi says, add- ing that the value of the local plots alone is approximately €500 million. “When properly constructed, the area is worth around €3.5 billion,” he says. Senate Properties CEO Jari Sarjo commented in October that the impressive results of the Tower Area competition are yet another great example of the power of collaboration between the City, the Finnish government and the private sector. Accord- ing to Sarjo, the over-all aim of the devel- opment of Central Pasila is to improve the competitiveness of Helsinki and the entire metropolitan area. Pasila Reinvented Following the selection of the winner, a con- tract will be drawn up with YIT concern- ing the purchase of the Start-Up Area and the implementation of the proposed building complex. The Start-Up Area, located south of Pasila Bridge between Pasilankatu and The Tower Area will no doubt be a fine addition to Pasila, which is being built up into an important traffic hub and a dynamic center for employment, housing and urban Start Me Up