Šiaulių bankas has signed an agreement with the real estate development company Eika for EUR 14.26 million in financing for projects being developed on Šv. Stepono Street in the capital.
The project consists of two parts – shared living apartments (Eng.. co-living) and the residential building “St. Stephen’s White Leaf”. Investments in co-living The cost of the facility will reach 15 million euros, and the residential part of the project will cost 13.5 million euros. The projects are expected to be completed in the fourth quarter of 2023.
According to Kęstutis Grinius, Director of Business Clients at the Vilnius Region and Branch of Šiaulių Bankas, the project will be located in a promising part of the capital – the Naujamiestis district, near the railway station. It is predicted that in the long run this area will receive a lot of investment and become a new center of attraction for the city.
The project is unique because it consists of apartments of various sizes, commercial premises and co-living rooms. Namely co-living type of housing is rapidly becoming popular in Vilnius. “This concept of shared living apartments perfectly meets the needs of young professionals. There are more and more companies that send their specialists from abroad to Vilnius and they need more flexible rental conditions. Or international students – there are at least 2-3 thousand of them in Vilnius, and, as foreign practice shows, these students have liked co-living “standard for socialization opportunities,” noted a representative of Šiaulių bankas.
“Both co-living, and the construction of “Šv. Stepona Baltas lapas” is already in full swing and the fact that despite today’s facts – the war in Ukraine and challenges in the supply chains of construction materials – financing has been provided for this significant project shows that the real estate market remains stable, and we can continue to fulfill our obligations to customers. We are working purposefully and will continue to work to be able to offer new housing for purchase or rent to Vilnius residents, both long-term residents and newcomers,” says Domas Dargis, CEO of “Eika”.
Co-living The project part includes 269 hotel rooms with a sleeping area, private bathroom and mini-kitchenette, the room area varies between 18 and 24 sq. 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, shared kitchen and dining areas, learning spaces on each floor, a spacious roof terrace from which you can admire the panorama of the Old Town.
The “Šv. Stepona Baltos lapas” project consists of four- and five-story buildings with 117 apartments and 15 commercial premises on the first floors; the total area of the apartments is approximately 7,200 sq m. m. The apartments have one to four rooms, and their area ranges from 25 to 80 sq m. m. The first-floor apartments are designed with terraces.
An underground floor is provided for car parking, which, in addition to spaces for cars and electric vehicles, also includes bicycle storage. The building is designed according to the A+ energy efficiency class standard.