US Real Estate and Port of Tallinn have signed agreement for the development of the Laeva 5 property


US Real Estate and Port of Tallinn have signed a 50-year building lease agreement for the development of the Laeva 5 property by the City Marina.

According to Aavo Kokk, Chairman of the Board of US Real Estate, a three-storey restaurant building will be built on the property, which will be named La Marina. “Our aim is to create an unrivalled meeting place on the property with unparalleled views, where locals and tourists alike can enjoy a late breakfast, a working lunch or an evening gourmet meal from the sunny terraces with the best views,” said Aavo Kokk.

In late 2021, US Real Estate won the auction for the building right announced by AS Tallinna Sadam.

“The aim of the Laeva 5 property auction was to find a developer with a strong and clear vision, who would be willing to transform the old and tired-looking building on the property into the best public commercial building and turn the adjacent neighbourhood into an attractive urban space for our passengers and citizens alike,” said Valdo Kalm, Chairman of the Board of Tallinn Port.

The seaside restaurant building La Marina is designed by architect Peeter Pere. The three-storey commercial building will have 1,068 m2 of lettable space and more than 700 m2 of terrace area. The building will be completed by summer 2024.

The La Marina restaurant building will complement the Golden Gate office building in the US Real Estate portfolio, which will be completed in 2024, and the Ahtri 3 property. The La Marina and Golden Gate developments will support the development of Tallinn’s port area, with the aim of transforming the Old Port area into a central urban space that will be a landmark for Tallinn and, at the same time, for the whole country, as well as a new centre of attraction for the city’s residents.