Studio Libeskind Reveals New Renderings of Downtown Tower in Lithuania
Studio Libeskind has released new renderings for its competition-winning Downtown Tower in Vilnius, Lithuania. The new development will be exactly located at the intersection of the White Bridge, the Neris River, and Old Town, in the downtown business district, and it will have a total area of 20,000 square meters. It will house the region’s first Radisson RED-branded luxury hotel and a class-A business center, in addition to a range of public facilities, shops, and restaurants. The project was given approval by the city council last month, and it is scheduled for completion in 2020.
Swedbank in Lithuania will be funding the construction of the mixed-use complex, after coming to an agreement with JSC Investmira, a subsidiary of Lords LB Special Fund I, managed by Lords LB Asset Management. They will be financing the project on the long term with a total of EUR 30 million.
“We are happy to contribute to this project, which is so unique in terms of its architecture and location in the city,” said Martynas Trimonis, head of real estate clients division at Swedbank Lithuania. “Lords LB Asset Management has an excellent track record of launching and managing new properties, therefore we trust their vision and work. They give a great deal of thought to public spaces, which is critical, given the general layout of the city and comfort of its residents.” Then, he added, “This part of the city has been changing beyond recognition. It attracts new businesses, which will work in the newly built business centers, as well as tourists, who will be able to try out a Radisson RED hotel, which boasts a unique concept and is the first Radisson RED in this region.”