The Estonian capital has opted for putting on hold the restoration project of a large Soviet era concert and congress hall under the influence of unpredictable inflation in the construction market and trouble to establish a partnership with private investors, Estonian public broadcaster ERR reports.
The Tallinn Linnahall was opened 1980 as the V. I. Lenin Palace of Culture and Sports. The massive but nearly derelict building in the port of Tallinn was planned to be turned into a conference and concert venue.
Tallinn Mayor Mihhail Kõlvart said to ERR that the project would not be axed and that whether a competition to find a partner could be held and when will be re-evaluated after the summer. «But we will be working on competition conditions and negotiating with potential investors moving forward,» Kõlvart noted.
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This February the Tallinn local government hired KPMG Baltics as consultants to find investors willing to join the city in renovating building. The consultants established
that investors have become uncertain in a situation, when contractors are not willing to draw up long-term forecasts or enter into fixed-price contracts and insufficient competition among potential investors is expected, ERR wrote.
Tallinn halts restoration project of grand seaside concert hall
