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BNS - The city government may give the right of superficies for Tallinn's Linnahall for 99 years to the US company Tallinn Entertainment LLC, which is planning to renovate the large Soviet-era concert venue at a cost of more than a billion kroons (EUR 64 mln).
The goal is to create a top-level, integrated fair, conference, entertainment and leisure center, at the same time preserving the cultural value of the buildings situated on the properties of the Linnahall area, it appears from the materials of the agreement presented to the media by Mayor Edgar Savisaar on Wednesday.
Under current plans the renovated Linnahall should be ready by 2011, when Tallinn assumes the title of European Capital of Culture.
The remaining part of the development project, which includes the construction of a hotel, various catering and entertainment facilities, laying out of up to 3,000 parking places, linking Linnahall with the nearby terminals of Tallinn's passenger port by a bus or a tram line, and the construction of Linnahall's own port, should materialize in the following years.
The developing company is owned in equal parts by RSL Capital, GF Capital Management & Advisors, and Remi International.
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