Next Level
LocalTapiola is leading the revitalisation of legendary Tapiola Centre
Finnish economy seems to be emerging from hibernation, with the construction sector leading the way. One development project of also national significance is Tapiola, the iconic“ Garden City” of Espoo. With the first parts of the Tapiola Centre dating back as far as the 1950s and 1960s, it is long overdue to give the Centre the beauty treatment it deserves.
F or a long time, however, the owners in the Tapiola Centre were reluctant to do much in the neigbourhood, since it would mean considerable investments. Then the decision was made by the City of Espoo to build the western metroline, with Ta piola as a key station. Metro promised fresh momentum for the revitalisation project and one of the local owners, Local- Tapiola, really took the lead. Pretty soon, LocalTapiola was making hefty investments in the Tapiola Centre. In time, also other investors followed – and now, as economy is heating up again, the situation is looking very positive indeed.
Comeback: The Making Of
Kim Särs, CEO of LocalTapiola Real Estate Capital Funds, observes that LocalTapiola is in a great position to take advantage of the turning tide. He looks back at the woeful year of 2014 when metro plans were stalling and so was the land usage agreement with the City of Espoo( not to mention the struggling economy, too).
“ In a couple of years, we’ ve made an almost total turnaround. The era for growth is about to begin,” he says.
“ LocalTapiola is certainly doing its part – as it has been doing for a number of years now,” Särs points out. Already owning more than a dozen properties in the Tapiola Centre, the company’ s local investment is expected to reach EUR 600 million, representing the biggest real estate investment in the history of the company.
But what’ s so special about Tapiola? Well, the neighbourhood itself has been regarded as a natural treasure since its birth over 60 years ago: a shining example of a modern community rooted in natural values. Upon its completion, Tapiola Centre formed a highly valued architectural landmark for the“ community of tomorrow” that attracted also international attention.
Walkability First
To this day, the Tapiola“ core brand” remains unchanged, but a lot can be done in the upgrade department. According to the plans, the new-and-improved Tapiola Centre will, in fact, become the largest pedestrian centre in Finland.
Through the years, Tapiola Centre has been unique in the sense that it opens outwards, not just inwards like a regular shopping centre does. The Centre has an inviting, engaging quality that not everyone can match.
LocalTapiola shares the name with the neighbourhood( Tapiola is the name of the ancient forest kingdom of Finnish lore), and has made its home in the area, too. The company has over 1,500 employees here, and, actually, it’ s hard to imagine the company headquarters being located anywhere else.
“ Tapiola is part of who we are,” Särs comments.
26 Nordicum