The largest state office project will stimulate a wave of conversions around Gediminas prospect – MadeinVilnius.lt

Millions saved for real estate maintenance, jobs meeting modern standards, new opportunities opened up for the public and service businesses in the city center – such tasks are solved by the largest state office project being developed on A. Goštauto Street, implemented by Turto bankas. Its impact on the city will not be limited to the conversion of one unviable block, as state institutions will vacate about 10 buildings in the center of Vilnius.

Mindaugas Kulbokas, head of the research and analysis group of the international real estate services company “Newsec” in the Baltic States, points out that the idea of ​​a centralized complex of ministries is not new.

“All the time, examples of countries that effectively implement public functions in Oslo, Tallinn, Copenhagen, Brussels, Munich were looked at with envy, and the idea of ​​creating a centralized headquarters of ministries and institutions in Vilnius was considered. The decision to use old and unused buildings in A. Goštauto quarter for this purpose is a good example of efficient and socially responsible building management. By the way, the first conversion on A. Goštauto Street was undertaken by the company Vastint in 2016. instead of an old inefficient building, a modern business center was developed, where the first IT service center of Danske Bank was located and which was the first in the Baltic States to be certified for LEED Platinum sustainability”, recalls M. Kulbokas.

The transformation of the A. Goštauto quarter into a centralized headquarters of ministries, carried out by the state company Turto bankas, is the largest office project implemented by the state – in the area of ​​2.7 ha between A. Goštauto, Lukiškių, Mečetė and Geležini vilkas streets, 73 thousand will be created instead of five dilapidated buildings. sq. m. area of ​​modern administrative premises. Most of the territory of the new complex will be open to the public, the first floors of the buildings are intended for service businesses.

“The link between this part of the city and the central part is very important, and it is currently underutilized. The vision of the quarter must inspire the further development of this part of the city, including the territory of the Lukiški prison and the location of the Seimas ground site, and undoubtedly strengthen the attractiveness of part of Gediminas Prospekt – currently, functionally, as well as in terms of pedestrian traffic and vitality around the clock, the real central part of Gediminas Prospekt can be considered from Katedra aiškė to the intersection with Vilniaus street, and the latter section to Icelandija street. The daily flow of pedestrians in this section is about 65 thousand, then it drops to about 40 thousand, and the Gediminas section is not very active as it approaches the Seimas and has great potential, which the conversion project will help to open,” says the real estate specialist.

Less fear means more value to society

in 2028 after the completion of the conversion of the A. Goštautas quarter, the ministries that will be located here will free up 9-10 buildings, most of which are adjacent to Gediminas Avenue. According to M. Kulbok, this property can really interest real estate developers – it is likely to receive housing, hotels, and administrative projects on the site of the ministry buildings. Each building may also have service facilities.

“The multifunctionality of real estate is a necessary condition for the successful development of the city center.” However, in this case, it is important to focus on the property sale processes – how the state can get the maximum benefit from this real estate, and it is better to leave the question of purpose to the new owners of the property. Experience shows that this is the most effective way,” says the head of the Newsec research and analysis group in the Baltic countries.

It recalls the sale and conversion process of the former central post office. The building on Gediminas Prospekt was adapted for the ISM University of Management and Economics, although during the organization of the public auction for the sale of the property, there were always fears that the sold building would become closed and would only satisfy the interests of a limited group of people, it was even considered that it could become the private property of some very rich person.

“It is now safe to say that this is one of the best examples of a former public building being sold at auction and given a new purpose and life.” During the sale process and during the public auction, the price of this real estate rose significantly, and the winning bidder adapted the building to the needs of the university, and it currently hosts not only the educational process, but also public lectures, presentations, and other activities aimed at the general public,” says M. Kulbokas. .

True, he points out that in order to activate any part of the city – to make it lively not only during working hours, but also in the evenings and weekends, more buildings with a housing function are needed. Therefore, it is very likely that some of the current ministry headquarters will later become residential buildings.