Nordicum - Real Estate Annual Finland 2019 | Page 35

Veturitie, has a permitted building volume of
approximately 67,000 floor square metres,
encompassing commercial premises, office
spaces and homes.
“In addition to the Start-Up area, there
are still available plots on the southside of
the Tower Area that will undergo develop-
ment at certain point,” Sahi says, adding
that Senate is one of the main land own-
ers in the area.
The winning proposal will be used
as the basis for preparing a city plan that
will serve as the framework for the devel-
opment of the Start-Up Area. Construction
is planned to begin in 2020–2021.
Residential Reach
The construction of Railyard Quarters,
however, already kicked off this autumn.
Located north of the Tower Area, this res-
idential area will provide homes for 3,000
residents.
“Railyard Quarters will be a sizeable
community with focus on quality living all
around,” Sahi believes.
According to Sahi, all development
in Central Pasila – whether past, present or
future –really revolves around one thing: the
ability of the State and the City of Helsinki
to see eye to eye on the evolution of the area.
“We’ve had a long collaboration with
the City – and the results have been out-
standing.”
Otaniemi: Total Package
Another key area where Senate has lots of
land and major plans is Otaniemi, located
in Espoo – and the home to innovation uni-
versity Aalto. Otaniemi is also one of the
most formidable hi-tech/innovation clusters
in Northern Europe.
While Aalto University Properties
manage the actual campus properties, Senate
holds sway over many research and office
premises in the area – and in all major under-
takings Aalto, Senate and the City of Espoo
work in close collaboration to secure the best
outcome.
Real Estate Development Manager
Emmi Sihvonen says that the idea here is to
diversify land use considerably. She explains
that as the State functions in Otaniemi are
becoming more compact, premises are
becoming available for new purposes.
“Our main objective is to boost resi-
dential solutions in Otaniemi, and then add
also services to create a more diverse com-
munity,” she says.
The Perfect Mix
A more mixed environment could include
e.g. restaurants, shops, cafés and a variety
of local jobs.
“Linking with the new metro sta-
tion, there is a new shopping center which
opened its doors in autumn 2018 – and this
has already contributed to the diversification
of the local services,” says Sihvonen, add-
ing that a lot of the upcoming development
effort focuses in the vicinity of the metro sta-
tion (and along the express tram line which
is also in the works).
So far, it’s mostly Aalto students that
call the neighborhood home – but there’s
room for thousands more. Presently,
there are about 4,000 residents, but the
City of Espoo is hoping to add as much as
7,500.
“We’re talking about a development
that features hundreds of thousands of
square metres and the creation of a well-
rounded, real community,” Sihvonen says,
pointing out that the undertaking requires a
careful balance between, for instance, the
architectural legacy of the neighbourhood,
nature conservation and the various com-
mercial and residential efforts.
Northern Lights
Beyond the Helsinki Metropolitan Area,
there are plenty of interesting projects, as
well. For example, there is Senate-led devel-
opment in Turku, Tampere and Oulu.
“The redevelopment of Oulu railway
station and its surroundings is one consider-
able undertaking at the moment,” says Mauri
Sahi, adding that Senate has a strong pres-
ence all around the country – and that this
is not likely to change very soon. l
The artist’s vision of Otaniemi area
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