A 14-storey residential building with 100 apartments is being built near Harku Lake

A 14-story residential building with 100 apartments is being built near Lake Harku

ITM Grupp Arendus is building a 14-story residential building with 100 apartments near the sandy beach of Lake Harku, called Harkuranna Tower. Bigbank is financing the construction of the building with six million euros.

According to ITM Grupp Arendus CEO Artur Jõe, the building, which will be completed in the fall of next year, will contain one hundred two- to four-room apartments. "The tower will have a panoramic view of the lake and the sandy beach is just a few minutes' walk away. There are also nearby grocery stores, a library, a kindergarten and a high school, which is why the area is ideal as a home for young families," said Jõe.

According to Aimar Roosalu, head of Bigbank's corporate banking unit, there is strong demand in Tallinn for good quality apartments in good locations, and developers who are able to offer reasonable solutions to the market during this shortage are very likely to find buyers quickly.

"Residential real estate financing is part of Bigbank's broader strategy to increase the volume of loans provided to companies. In terms of volume, loan demand in the real estate sector remains very strong. We are pleased that Bigbank is the first choice for Estonian real estate developers. We also have a solution for home buyers, as Bigbank started offering home loans to individuals in Estonia last year," added Roosalu.

An underground parking lot will be built on the basement level of Harkuranna Tower, which is being built at Paldiski mnt 221a. The first floor of the building will have two commercial spaces, as well as storage rooms and a bicycle storage room. The top, or 14th floor, will have penthouse apartments with large terraces and views of Lake Harku.

Harkuranna Tower was designed by Architecture Bureau Korrus. The building is being constructed by Vilcon Ehitus and P.P. Ehitusjärelevalve is responsible for owner's supervision. The building will be completed in January 2023.

ITM Grupp Arendus is an Estonian-capital-based real estate company that has been operating for more than ten years. In addition to the Harkuranna Tower project, ITM Grupp Arendus recently completed a large residential development in Viimsirahu and is building an apartment building in Tallinn city center.