OREANDA-NEWS. November 06, 2009. By the decision of the Tallinn Circuit Court, the litigation about the detailed plan of the Narva mnt 67 property (the so-called Tivoli project) was settled. According to the decision entered into force on 30 October 2009, the trial was disposed and the Tallinn Administrative Court decision on annulment of the establishment of detailed plan of Narva mnt 67 was annulled.

Based on the decision, the detailed plan approved by the Tallinn City Council in 2008 will remain into force without changes.

Arco Vara plans to build a modern residential environment with up to 605 apartments on the property.

Arco Vara is a leading real estate developer in the Baltic's, established in 1992. The company operations involve real estate development, brokerage, valuation, construction and property maintenance arm. The company is located in

17 cities in Estonia, Latvia, Ukraine and Bulgaria and employs ca 250 people.

Arco Vara AS is listed on Tallinn Stock Exchange.