Arco Vara informs the shareholders that the Tallinn Administrative Court annulled the decision of Tallinn City Council with what detailed plan of Narva street 67 in Tallinn, Estonia (project Tivoli) was established.
A private person living in a flat nearby the Tivoli project has contested the resolution, arguing that 780 parking lots in the approved detailed plan is not in accordance with Tallinn Parking Development Plan for years 2006-2014, according to the number of parking lots in Tivoli project should be 907. In addition, the complainant has estimated, that administrative act, which determined the detailed plan, has lack of motivation over matters of facts why changes in master plan has been needed and why the need of environmental impact assessment has not been considered.
Arco Vara is involved in the process as a third person. Arco Vara considers to be reasonable to file an appeal.
Arco Vara is one of the leading real estate developer in the Baltic's, operating also in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network, construction arm and property management. The company has offices in 18 cities and employs ca 250 people.
Arco Vara AS is listed on Tallinn Stock Exchange.
Arco Vara AS