In accordance with the current city plan, building permits can be granted to an approximately 40-apartment residential building project. In the current decade, land use planning and construction in the rest of the Area will be developed through city planning. The total permitted building volume for the Area is estimated to be over 50,000 floor square metres, which would allow for the construction of approximately 700 apartments, creating housing for around 1,500 people. In addition to the residential building permit, the objective is also to obtain building permits for planning neighbourhood services and commercial premises in the Area.
In line with its strategy, Toivo’s role in the project is to act as the developer of the Area as well as the developer and owner of the apartments. Toivo’s plan for the Area is to develop apartments it can rent and sell to consumers.
As part of Toivo’s project development portfolio, the Company will report on the Area concerning the progress of city planning processes and the fulfillment of contractual terms regarding the acquisition process.
“The agreement we have entered into is long, and we are excited about this opportunity to continue developing the city of Espoo. Our objective is to find the best collaborators for the development and construction of the Area,” states CEO Markus Myllymäki.
“The agreement significantly increases the total area of properties covered by Toivo’s agreements,” Myllymäki continues.