Gallery: Endover Begins Volta Quarter Phase III Development

Despite the cooling of the real estate market, the waterfront area of North Tallinn is today still the hottest development area in the capital. Based on the active interest of homebuyers and investors in developments there, Endover decided to bring the third phase of the historic Volta quarter to the market before the end of the year.

During the third phase, Endover is building three new energy-efficient apartment buildings in the Volta quarter located between Tööstuse and Kopli streets. In addition, one of the quarter's most valuable buildings will be reconstructed into a unique residential building – the main building of the historic Volta industrial complex from 1899 on Tööstuse street, on the quarter's side facing the sea and Noblessneri port. In restoring the industrial complex, as much environmental value as possible will be preserved, and modern solutions and conveniences will be added. The energy class of the new buildings rising in the quarter is A, the buildings have solar panels on their roofs, and electric vehicle charging options are guaranteed. The environmentally valuable main building, or the new Volta Villa, will retain its historic wooden window frames, thick limestone walls, and authentic niches and rose windows.

During the third phase of Volta quarter, a total of 83 apartments with 2-5 rooms, ranging in size from 44-127m², will be completed. The sale of the third phase begins on November 30th, and the first new homes will be ready already by the end of 2024. The quarter's second phase, which consisted of seven buildings, was completed this year, and its sales success has also been one of the drivers for bringing the next phase to the market.

"Several developers have postponed the start of new projects in today's economic environment and are being more cautious. However, the North Tallinn waterfront area – from Kalamaja to the tip of the Kopli peninsula – remains one of the areas where real estate continues to attract high interest from both homebuyers and investors, despite the cooling," said Endover's CEO Robert Laud. "The recent news that the technology company Wise has decided to move its headquarters with several thousand employees to this sector will undoubtedly increase interest in the area's real estate and the value of apartments there."

Taking into account the development volumes that will be added to North Tallinn over the next 10 years, the technology sector's interest in both living and working in the area, and the logistically favorable and popular location, North Tallinn has the potential to become a Baltic Silicon Valley.

Laud added that it is already visible how investment is being made in the quarter with a view to the future. "Both small investors, purchasing apartments one or two at a time, and large investors, making bulk purchases, are thinking about this. The need for quality business and residential spaces continues to grow, as the area will see nearly 10,000 new residents and workers in the coming years," Laud explained why they have enough confidence as a company to move forward with the third phase of Volta quarter. Several businesses have already settled in the quarter: a wine shop, café, burger restaurant, design shops, beauty salon, and also the increasingly popular pet grooming services.

Today there are also more buyers than before who purchase real estate with their own funds, rather than with bank support. "We see this especially in the case of the Volta quarter development. Investors place money in a reliable asset class and in a specific area. In light of the tax increase coming into effect from the new year, the value of money invested today has already increased from the beginning of next year by the amount of the VAT change," said Laud.

Volta quarter is one of Tallinn's real estate market's most important and successful real estate developments, and likewise for Endover. The over 100-year-old industrial quarter will have a new life as a residential and business quarter developed on the basis of a modern 5-minute city principle. On the 11-hectare territory of the former Volta factory, a quarter with complete microinfrastructure will rise with a total of 29 buildings, nine of which are already completed and the development of four more buildings has recently begun. The total development volume of the quarter is 142,000 m², with plans for over 750 apartments and more than 50,000 m² of business space.

Volta quarter is planned to include a kindergarten, a food street, and leisure activities for different age groups both indoors and in a 15,000 square meter high-greenery park area. In connection with the quarter's development, Endover has built extensive new infrastructure in North Tallinn, including two new streets, Uus-Volta street and Mootori street. Volta quarter is being developed on the basis of sustainable development, restoring as much of the old as possible and adding new elements that are energy-efficient. The quarter's architecture is created by KOKO, Apex, and ARS architects, and Estonia's largest banks also contribute to the quarter's financing: LHV Bank, Coop Bank, and Bigbank.

Endover is an Estonian real estate developer with over 25 years of experience, creating value in urban spaces and building comprehensive living and business environments. The company's portfolio includes 70 buildings and 2,840 apartments with a total area of 368,000 m².