Nordicum - Real Estate Annual Finland 2014 | Page 58

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Fresh real estate development opportunities emerging in Lahti
Lahti is known for its great location
and connections, but the City of Lahti
wants to improve its urban structure
and connectivity even further. There
are still some “hidden treasures” out
there – areas that the City is looking
to develop to their fullest potential.

W

hile Lahti is a popular commuter
city – with great access to Helsinki Metropolitan Area by train – it is
somewhat a surprise to find out that the areas along the railroad tracks are rather underdeveloped. To rectify the situation, Lahti
launched an architectural contest to sketch
out a vision for the area by the tracks. The
contest was one of the biggest architectural competitions organised during the World
Design Capital year 2012.
In connection with the contest, there
was also very active citizen participation.

The first prize in the contest went to architect
agency AJAK and their competition entry
`Green Crocodile´. All and all, there were
26 entries in the race.

Rail Renaissance
While there are plans underway to reinvent the environs by the tracks, that is not
to say that there is nothing there at the moment. For example, Renor – a Finnish real
estate investment company that owns, develops and leases business premises – has big
plans in mind for the historical Asko district,
the heart of the area. This red-brick neighbourhood is already home to plenty of companies – and also Renor has its headquarters right here – but there is still plenty of
potential left.
Timo J. Valtonen, Managing Director
of Renor, says that the company has 150,000
square metres of leasable space of which 80
percent is rented out.
“There still remain construction rights
for about 250,000 square metres, for all uses
and purposes, including residential, offices
and services, both public and private,” Valtonen points out. In terms of money, there
are investment opportunities totaling hundreds of millions of euros.

Building on Tradition
In fact, the idea of the city is to create a
whole new city district by the tracks – one
characterised, in part, by the old red-brick,
industrial milieu and the dynamic vibe of the
passing trains. It is clear that the historical
atmosphere is one factor that draws com56 Nordicum

panies here: the first building was raised in
1928. Also, the key location practically right
next to both the train station and Lahti city
centre is a crucial element.
Still, in the 40 hectare area one could
do so much more: for example, the City
plans to develop the neighbouring travel
centre considerably. In addition to Helsinki, also St. Petersburg is an enticing destination, thanks to the new Allegro connection
that will get you to the Russian metropolis
in just a couple of hours.
Valtonen points out that solidifying the
urban structure is one of the big things on the
table here: “We want to do our part to promote a more compact city structure.”
Right now, there are 230 companies
in the Asko area and the synergies are considerable.
“We have a situation here where a real
community has developed, with companies
– both big and small – benefiting from the
established networks.”