Garden Helsinki Event Arena advances in decision-making process for city approval

The city aims to reach an economically viable solution in collaboration with the reservation holder in 2023, with the goal of minimizing the sale of residential building rights outside the Taka-Töölö project area.

The Garden Helsinki complex encompasses an underground arena, a parking garage, and above-ground facilities for hotels, offices, restaurants, sports and cultural activities, as well as other businesses and apartments. The main arena has a spectator capacity of 19,000 for concerts and 15,000 for ice hockey games. The project's scope covers approximately 175,000 square meters of floor space, with around 15,000 square meters allocated for residential construction.

The proposal to continue the reservation for Projekti GH Oy, responsible for the further planning and implementation of the multi-purpose arena and its related premises and apartments, is now under consideration by the Helsinki Urban Environment Committee. If approved, the reservation decision will remain valid until the end of 2025.

Ville Lehmuskoski, Executive Director of the Helsinki Urban Environment Division, emphasizes the city's strategic goal of enhancing Helsinki's competitive position as a host city for major cultural and sports events. The new arena is seen as a significant improvement that will help restore Helsinki's competitiveness in event productions.

The Garden Helsinki project also includes the renovation of the Helsinki indoor skating rink, which is currently owned by the city. The plan is to transform the skating rink into extensive cultural and sports facilities, as well as a versatile arena for ball sports and events. Depending on the nature of the event, the spectator capacity can reach up to 4,900 people. The addition of such facilities is crucial, as Helsinki currently faces a shortage of sports facilities and event venues of this size.

Timo Everi, Chairman of the Board of Directors of the project company, acknowledges the challenges posed by the Covid-19 pandemic, the crisis in Ukraine, and the increased construction costs and interest rates. However, he expresses satisfaction with the ongoing open and constructive dialogue with the City of Helsinki, highlighting the importance of moving forward.

The parties involved aim to reach a comprehensive solution in 2023 that will facilitate the advancement of project planning to the building permit stage and eventual realization. This solution seeks to minimize the number of residential plots outside the Taka-Töölö project area that were initially associated with the project complex. This may involve re-evaluating the pricing of plots within the project area and the city's participation in financing the building permit phase.

The total investment in the Taka-Töölö project area is estimated to be around EUR 640 million. Construction is anticipated to commence in autumn 2024, with a projected timeline of four years for completion. The local detailed plan required for the project's implementation is already legally valid.