YIT and BTA Baltic Insurance Company to establish a co-investment for Baltic housing investments
The sustainable urban development and construction company YIT Lietuva has acquired an area of 5.3 ha on the right bank of the Neris River in Kaunas, on the other side of the Old Town. It will further develop the highly successful Piliamiestis quarter, changing the face of this place in the city and bringing life back to it.
Although the exact concept and stages of the development of the new land-plots are not known yet, it is obvious that residential and commercial facilities will be further developed in this area near Brasta Street. Currently, the construction of the twelfth and thirteenth houses is underway in Piliamiestis.
“Our efforts to revive the long-forgotten former right bank of the Neris River in Kaunas have paid off with the pile. Piliamiestis has already managed to become one of the most attractive places to live in Kaunas and is concidered as a kind of city‘s business card. New settlers are willing to start living here, inhabitant communities are being formed, more and more life is emerging. At the same time, this territory has a lot of untapped potential, which we will strive to reveal by opening new pages of this Kaunas part history, ”says Kęstutis Vanagas, company YIT Lietuva General Manager.
Piliamiestis quarter, designed by architect Tomas Kriaučiūnas, is valued for its extremely convenient location, from which Kaunas city centre and the Old Town can be reached by hand. At the same time, the nearby Neris River provides nature refuge and opportunities to enjoy quality recreation and exceptional views of Kaunas Castle and the confluence of the Nemunas and Neris rivers. According to the 15-minute city concept promoted by YIT, the being developed quarter provides its residents with access to all necessary services and entertainment extremely simply and quickly.
These opportunities should become even better in the future due to the planned development of the surrounding infrastructure.
The quality of the houses being built in the quarter and the developer's attention to their environment, recreational spaces, children's playgrounds and recreation infrastructure are also praised. While developing Piliamiestis, the Neris River embankment has been renovated, pedestrian and bicycle paths have been provided, and a panoramic amphitheatre is open to all citizens, from which you can admire the views of Kaunas Old Town.
According to K. Vanagas, the new land-plots will also be developed in accordance with the principles of sustainable development, continuing the complex territory revitalization and arrangement, the integration into the existing urban landscape, preserving certain historical references and seeking to make development as environmentally friendly as possible.
Until the year 2030 Piliamiestis quarter should consist of more than 30 blocks of flats. In the future it is also planned to build a modern 8-storey business centre with a roof terrace, green lounge zones, a restaurant, underground and above-ground parking lots and electric car charging places.
YIT Lietuva is also dveloping Matau Vilnių and Naujasis Skansenas residential quarters in Vilnius. The company also implements infrastructure development, administrative, industrial and other premises projects throughout Lithuania.
About the YIT Lietuva company group constructor
The sustainable urban development company YIT Lietuva has been operating in Lithuania since the year 1966 and belongs to one of the largest construction service groups in Eastern Europe, YIT Corporation, operating in ten countries. YIT Lietuva successfully implements contracting, housing, commercial real estate, building maintenance activities, infrastructure development and road construction works.