Hepsor Prepares to Build a High-Rise in North Tallinn
Real estate developer Hepsor is taking the next step with Tolaram Group in developing the Manufaktuuri Quarter in North Tallinn, beginning preparations for constructing a high-rise building.
Hepsor AS and Tolaram Group's company AS Phoenix Land signed a partnership agreement on December 18 to continue their cooperation in implementing the next phase of the Manufaktuuri Quarter development. For this purpose, a joint venture Hepsor PHX5 OÜ was established, which is equally owned by Hepsor and Phoenix Land.
The joint venture's focus is on the Manufaktuuri 3 property, where preparation for developing both residential and commercial real estate will begin. Phoenix Land is investing in the development with the Manufaktuuri 3 property, which has a value of 5.8 million euros. This is the fifth development project in the Manufaktuuri Quarter, demonstrating both the growing attractiveness of the area and the developers' long-term vision.
„Hepsor's and Tolaram Group's cooperation in the Manufaktuuri Quarter has been consistent and successful. Through the new joint venture, we continue developing the next phase of the quarter to create quality and diverse residential and commercial real estate in Tallinn's urban space. The existing projects have confirmed the strength of our cooperation and the development potential of the Manufaktuuri Quarter," said Hepsor's Estonia country director Mihkel Mäger.
The Manufaktuuri 3 property is subject to detailed planning, which creates broad opportunities for development. According to the plan, it is possible to construct, among other things, a high-rise building of up to 60 stories, which would mean a significant transformation of North Tallinn's urban space.
„We will certainly conduct an architectural competition to find the best possible spatial, architectural and urban concept that would fit both the historic Manufaktuuri area and the surrounding urban environment," explained Mihkel Mäger.
The Manufaktuuri Quarter has become one of North Tallinn's most important development areas in recent years. Previously, 421 homes have been completed in the quarter in the Sitsi Õunaaia and M7 development projects, of which 97% have been sold. In 2025, construction began on two development projects in the Manufaktuuri Quarter, the first phase of the Manufaktuuri Factory, during which 152 new homes will be built, and the M12 development project, which will result in 49 new homes.
In the future, the Manufaktuuri Quarter will have approximately 1,100 homes and commercial spaces in total. All these projects are part of a broader vision aimed at transforming the former industrial area into a diverse and modern urban environment.
