On April 11, the cornerstone was laid for Haapsalu’s large-scale development project, Marienholm. The Marienholm project will create 150 new apartments on a separate peninsula in Haapsalu. It will also include pontoons that extend into the sea and a public park. The peninsula will also feature a new luxury SPA hotel, a small marina and a restaurant. The project is being developed by Scandium Kinnisvara and constructed by Mitt & Perlebach.
The cornerstone for the first phase of the project was laid by the mayor of Haapsalu, Urmas Sukles, the head of Scandium Kinnisvara, Maido Lüiste, and the project manager of Marienholm in Mitt & Perlebach, Mihkel Mager. In the first phase, five buildings consisting of 50 apartments will be built on the peninsula. The apartments will be completed in spring 2025.
Maido Lüiste, CEO of Scandium Kinnisvara: ‘The best feature of Marienholm is its location. It is a long peninsula with a kilometre of coastline on either side, right next to the buildings. In terms of both Estonia and Europe, this is a really special place. The picturesque main street of Haapsalu is only a 10-minute walk away.’
‘It should also be noted that Marienholm is the largest private equity investment in residential development in the history of Läänemaa County. Bringing such a project to life in Haapsalu requires a certain amount of courage and vision, which are in short supply in today’s property market. Our confidence is boosted by the high level of customer interest – half of the first-phase homes have already been sold. We also bear in mind that the buildings will not rise overnight and that the economic situation will probably be different once they are completed,’ notes Lüiste.
The Marienholm development is located on a peninsula on the shore of Suur Viik Bay, surrounded by 2.2 kilometres of coastline. There will be a new spa hotel at the start of the peninsula, a public park in the centre and a marina and restaurant at the tip.
The authors of the Marienholm development are 3+1 architects led by Scandium Kinnisvara, the interior architects from KAMP Büroo, along with the landscape architects from Tajuruum. The vision was developed by the placemaking agency What If. Marienholm’s co-investors include several well-known Estonian investors and investment advocates, such as Jaak Roosaare, Marko Oolo and Kristjan Liivamägi. The first seafront apartments will be completed in spring 2025. Half of the first-phase apartments have already been sold.
Read more about Marienholm’s residential quarter and vision: www.marienholm.com
