Eika is starting the construction of an object at Šv. Stepono St. 33 in Vilnius. The construction permit was received in the beginning of July this year. It is a two-part project combining co-living apartments and a residential building named Šv. Stepono Baltas lapas (St. Stephen’s Blank Page). Eika is the investor and manager of the co-living project. Šv. Stepono Baltas lapas is the third investment of Eika Residential Fund managed by Eika Asset Management (EAM). The architects of the building are the Senojo miesto architektai. The investments are estimated to reach 14 million euro into the co-living project and 12 million euro into the residential project. The project should be completed in the fourth quarter of 2023.
“The fact that the project is of two parts, combining co-living and Šv. Stepono Baltas lapas, is an excellent reflection of its unique location. For some time now, we have noticed the interest of Vilnius residents in the possibilities to reside here. Evidently, young professionals operating on an international level and students will also be keen in settling here. Not to mention that we will be offering a lot of commercial facilities in the block, ensuring that a variety of small companies can do business here. The location will become a universal and attractive place to live in.
This project is also located near the railway station which connects the center of Vilnius and its southern part. The latter is bound to receive many investments based on the new general plan. This is why we are eagerly looking forward to how this territory will look like in 3, 5 or 10 years. We believe that it might become a new center of attraction in Vilnius City,” says Domas Dargis, CEO of Eika.
The co-living part will encompass a total of 269 hotel rooms, all with a bedroom, a private bathroom and a kitchenette. The room area will range from 18 to 24 square meters. Those who cannot do without a community will surely enjoy the common spaces and various services, such as 24/7 reception desk, resting area and active leisure area, gym, a large shared kitchen and dining room, learning spaces in all floors, and a spacious roof terrace to admire the Old City from up above. The hotel will also have five commercial facilities, where cafes, healthy food restaurants and providers of daily services will be established.
Šv. Stepono Baltas lapas is a four and five-story-high blocks of buildings with 117 apartments and 15 commercial facilities on the ground floor. The total area of the apartments is approx. 7000 square meters. The area of one to four-bedroom apartments will range from 25 to 80 square meters, respectively. The ground floor apartments will have terraces. The building will have an underground parking lot with spaces for regular vehicles, electric cars and bicycles. The building shall have the energy efficiency class A+.
“The start of the construction is great news to both Eika Asset Management team and the project investors. We give the possibility to those who wish to invest into real estate in the active RE market that we are witnesses to, with the final product value growing strongly, to join us at the very beginning of the project and thus contribute to its development. We see the arising trend of investments into RE funds becoming an attractive alternative to purchasing apartments for rent,” said Andrius Uždavinys, EAM Fund Manager.