Nordicum - Real Estate Annual Finland 2020 | Page 31

According to Särs, high quality living just
off great commercial services seems like
“a very attractive” combination to the peo-
ple. The views from the apartments to the
neighboring park and beyond are tremen-
dous – there are, for instance, green roofs
in place that really pay tribute to the spirit
of the Garden City.
“The legacy of Tapiola is clearly evi-
dent in the residential designs – the same
way it impacts the over-all designs of the
shopping center, too,” Särs says.
Tapiola has always been near and dear
to LocalTapiola which, of course, shares
its name with the neighborhood (Tapiola
is the name of the ancient forest kingdom
of Finnish lore). Tapiola is also the home
base of LocalTapiola, as the company has
over 1,500 employees here, comments Vesa
Immonen.
“LocalTapiola owns more than a dozen
properties in the Tapiola Center with a value
of around EUR 600 million.” AINOA shop-
ping center as part of “Tapiola Portfolio”
represents the biggest real estate investment
in the history of the company.
Tapiola: Reinvented
Bus Terminal Adds Momentum
To further complement the logistics mix,
Tapiola bus terminal kicked off in March
2019. Serving 20,000 people each day, the
bus terminal operates a real transportation
carousel: during rush hours, there are as
many as 100 buses per hour making a stop
at the terminal.
“The addition of the bus terminal has
been a really seamless experience, deliver-
ing immediate added value to the equation,”
says Immonen.
Inside the shopping center, one can
immediately spot the emphasis on food and
restaurants. Kim Särs points out that while
the common formula for a shopping center
once – perhaps 5–6 years ago – called for
5  % of the operations to be restaurants, the
current strong emphasis on services has just
about doubled that number. AINOA is no
different here:
“About 12  % of our stores’ leasable
area is now covered with cafes and restau-
rants and we feel very comfortable with this
trend.”
Residential Excellence
says Särs. In addition, AINOA features a
strong residential component. There is, in
fact, a completely new type of residential
area that is being built on top of the shop-
ping center. Featuring five apartment build-
ings, the area is intended also for the public,
offering an attractive living environment in
the very heart of Tapiola.
“The area – going by the name Kir-
jokansi – already features two apartment
buildings (totaling 127 apartments), with
another batch to follow soon,” says Särs.
“In February 2020, the third apartment
building will be completed, with two more
buildings getting ready in the spring,” he
says, adding that the majority of the +200
new apartments has already been sold.
It is no secret that Tapiola has a special place
in the hearts of the Finns – and many inter-
national fans, as well. The neighborhood has
been regarded as a national treasure since
its birth over 60 years ago: a shining exam-
ple of a modern community rooted in nat-
ural values.
According to Immonen, the develop-
ment in Tapiola has sometimes been quite
slow, historically speaking, due to varying
interests of the local owners. In such a sit-
uation, it is helpful if a big player makes a
commitment to push the community to the
next level, Immonen assesses.
“LocalTapiola has been glad to take
on that role. We want to keep contributing
to the development of the neighborhood in
the future, too.” l
Culture Club in the Making?
Nevertheless, food and drink is not the
only thing to experience here. As AINOA
is located in the middle of Espoo’s culture
hub – with, for example, Espoo City The-
atre next door – it makes sense to “go cul-
tural” from time to time. There are plans to
borrow artwork from local WeeGee museum
and perhaps host also classical concerts here.
“The cultural angle is definitely some-
thing that we want to explore in the future,”
Nordicum 31