Eika is starting construction at the facility at Šv. Stepono g. 33, Vilnius; the building permit was received this week. This is a two-part project: co-living apartments and the residential “Šv. Stepono Baltas lapas”. The co-living project is invested and managed by Eika, while “Šv. Stepono Baltas lapas” is the third investment of the Eika Residential Fund, managed by Eika Asset Management. The building was designed by “Senojo miesto architektai”. It is planned that investments in the co-living will amount to 14 million euros, and in the residential part of the project – 12 million euros. The project is expected to be completed in the fourth quarter of 2023.
“The fact that this object is designed in two parts – “coliving” and “Šv. Stepona Balta lapas” perfectly reflects its unique location. For some time now, we have been feeling great interest from Vilnius residents in the opportunity to live here, and it is also obvious that international young professionals and students will also want to stay here. In addition, we will offer a number of commercial premises in the quarter, so various small businesses will also be created here, making the place even more versatile and attractive to live in.”
“Also, this project of ours is near the railway station, which marks the connection between the center of Vilnius and its southern part, which according to the new general plan will receive a lot of investment, so we are looking forward to seeing how this entire territory will look in 3, 5, 10 years. We think that this will be the new center of attraction of the city,” says Domas Dargis, CEO of Eika.
The “co-living” part includes 269 hotel rooms with a sleeping area, a private bathroom and a mini-kitchenette, the room area varies between 18 and 24 sq m. m. For lovers of communal life, various common spaces and services are provided: a 24-hour reception, game areas for quiet relaxation and active leisure, a gym, a large kitchen and dining area, learning spaces on each floor, a spacious roof terrace from which you can admire the panorama of the old town. Five commercial premises have also been designed in the hotel building, which will house cafes, healthy food bars, and providers of daily relevant services.
“Šv. Stepono Baltas lapas” – four- and five-story buildings, which have 117 apartments and 15 commercial premises on the first floors; the total area of the apartments is about 7,000 sq m. m. Apartments have one to four rooms, their area ranges from 25 to 80 sq m. m. The first-floor apartments are planned with terraces. An underground floor is provided for car parking, where, in addition to spaces for cars and electric vehicles, bicycle storage is also provided. The building is designed to A+ energy efficiency class.
“The start of construction is great news for both the Eika Asset Management team and our investors. For those wishing to invest in real estate in such an active real estate market as we have seen recently, when the value of the final product has increased significantly, we provide an opportunity to participate at the beginning of this value chain, and thus contribute to the development of the project. We see a trend that investments in real estate funds are becoming an attractive alternative to purchasing and renting housing,” says Andrius Uždavinys, EAM fund manager.
About the EIKA group of companies
Founded in 1992, EIKA is one of the largest real estate development and construction groups in Lithuania, successfully developing residential, commercial, public and other building projects. The company has already built almost 5,800 apartments and almost 590 thousand square meters of buildings. EIKA has been awarded many times as the best real estate developer in Lithuania, the company’s projects “Santariškių namai”, Basanavičiaus 9A and “Eika namai Pilaitė” have become the best in Lithuania.