Espoo to lease a block in Keilaniemi to AB Invest for the construction of a hotel and office building
The City of Espoo will lease a hotel, commercial and office block to AB Invest AS with a purchase option. The Norwegian company will construct a hotel and congress centre and an office building on the plot. The Business and Competitiveness Subcommittee of Espoo’s City Board will decide on leasing the plot at its meeting on Monday 2 December.
The project kicked off in October 2019 when the Business and Competitiveness Subcommittee reserved the plot for AB Invest. The plot is located on the southern side of the Keilaranta street, near the Keilaniemi metro station and the light rail terminus. The planned 34-storey hotel will have about 500 rooms. The wooden 8-storey office building to be built on the western side of the hotel will have a gross floor area of about 15,000 square metres. The total permitted building volume on the plot is 42,300 gross square metres.
Espoo’s City Council approved the detailed plan for the area in early 2024, and the plan is now legally valid.
The term of lease is 30 years, and the leaseholder also has an option to purchase the plot.
The goal is to complete the area in 2029. Construction work will start with dredging and filling.
“The Keilaranta hotel and congress centre is part of the broader development of the Keilaniemi area. Once completed, the hotel will be the tallest building in Keilaniemi. The project will boost the appeal of the area significantly,” says Olli Isotalo, Espoo’s Deputy Mayor for Urban Environment.