PRESENT AND FUTURE – PÄRNU’S UNIQUE GEM WILL BE BROUGHT TO LIFE AND GIVEN A NEW ESSENCE THAT CANNOT BE FOUND ELSEWHERE
Original article: Pärnu Postimees 27.juuni 2023.a.
Step back in time and imagine the moment when past and future collide into one unique vision. Tucked away in the heart of Pärnu, a building, whose history is palpable, will soon be transformed into something spectacular.
This unique building will be the home for Pärnu’s first loft-type apartments. Vagabond Lofts is a building that has lived through several eras and served many purposes. Originally a warehouse that supported the town’s rapidly developing linen industry, this building has seen the change of time and holds a rich historical background. The uniqueness and singularity of the building has won the hearts of the dedicated team at the property developer Miston Capital, who have decided to give the building new life.
The author of the redevelopment project of the Bett’s Barn building was Baltic-German architect Reinhold Guleke, who worked as an urban architect in Pärnu from 1875 to 1881. The first major redevelopment of the building took place in the late 1870s, when a third floor was added. As the years passed, various owners made a number of minor changes to the internal layout as needed. During the Soviet occupation, two large dormers were added to the roof of the building, and changes were made to the facade and internal layout, including changes to the location of windows and doors
A GREAT CHALLENGE
Miston Capital bought the building a year ago. The house had been neglected and needed a complete renovation. The roof was leaking and the damage was so substantial that it was clear they had to start from scratch. The feelings the building evoked and its architectural value outweighed all the difficulties. Miston Capital decided to accept the challenge.
‘The load-bearing walls and part of the old red brick facade from the old house will be preserved. Everything that can be reconstructed, will be reconstructed. High-quality materials will be used in the new section. As with all old buildings, we may come across unexpected ‘cultural layers’ which we must be prepared for,’ says Kuldar Kirikal, Development Manager of Miston Capital.
Currently, the building is not under heritage protection, but its renovation is being carried out in close cooperation with both heritage conservation and the city government. The final result will come from collaboration. The whole building has 4 floors with a total area of 2,800 square metres. Commercial premises will be on the first floors and dwellings on the upper floors. There are 45 apartments in total.
150-year-old wooden beams will be used in the building’s interior decoration. The overall impression of the building will be industrial, with its tall ceilings and spacious interior. The apartments are of premium quality and competitively priced.
‘The client gets a unique apartment, which cannot be found elsewhere. There are some views of the river and the bay, the landscaping is carefully planned, and playgrounds match the building’s ensemble,’ Kirikal adds.
We can now proudly say that the building permit has been issued. ‘Of course it would be easier to build a new house on a field somewhere, but the Vagabond Lofts project seemed like an exciting challenge to us. Having seen and developed a lot in this field, you consciously begin to look for projects that are interesting and exciting from a construction and architecture standpoint, and those that bring you joy. Every project should try to achieve something new, test new solutions and move forward,’ explains Kirikal.
NO SIGNS OF PRICES DROPPING
Commenting on the current state of the real estate market, Kirikal notes that he does not foresee a decrease in new development prices, but there may be a price drop in the secondary market. If someone wants to negotiate, a small discount can be given even in the good times. This is common in the market. The situation we had earlier when prices were rising and apartments were quickly sold was not normal according to Kirikal. This was also difficult for developers. In addition, general contractors were constantly applying pressure to increase construction prices and keep the proportion of lower-priced pre-sold apartments to a minimum… The prices could not keep rising forever.
‘Real-estate development is like running a marathon. The efforts we make today will start bringing results in three years’ time, but if we skip something today, we will not achieve the desired results. The prices of materials may fall slightly, but the main factor is still the increase in wages, which is why construction prices will not drop. The price of real estate has historically maintained its value, going hand in hand with the inflation rates,’ Kirikal says.
In regard to the development of the Vagabond Lofts and other projects that have taken on with passion, Kirikal emphasises that location, quality and the product itself play an important role and customers appreciate these aspects.
Kirikal imagines how things will be in a year and half from now, when he can look back on the completed work, how far they have come and and what a gem has been created from Pärnu’s once dilapidated historical building. This joy is worth all the difficulties. The Vagabond Lofts project will be something unique and extraordinary.
You can explore the Vagabond Lofts HERE.
