OREANDA-NEWS. On 2 December 2014, AS Merko Ehitus and BLRT Grupp Aktsiaselts have submitted an application to the Business Register for establishing the joint venture Kalaranna Arenduse O?. In addition, the parties have signed the protocol of common intentions, according to which the aim of the joint venture is the purchase, development preparation and development of the lands intended for commercial and residential purpose at Staapli Str. 3, Staapli Str. 4, Staapli Str. 8, Staapli Str. 12; and lands intended for transportation purpose at Staapli Str. T1 ja T2 in Tallinn.

The share capital of Kalaranna Arenduse is 10 000 euros, which is divided between the parties into equal parts, 50% and 50%.

The area under development is 1.7 hectares, located at the former industrial area, Noblessner quarter. According to the building rights fixed in the valid detailed plan, there can be planned four residential buildings with business premises, approximately 250 apartments in total and parking spaces on the underground floors of the buildings.

Developing the former Noblessner shipyard into a contemporary environment is part of development perspectives of Tallinn, which opens the sea and shoreline to people. Architectural and site plan solution, suitable for the area, will be chosen at an international architecture competition. The results will be announced no later than the end of 2014.