Nordicum - Real Estate Annual Finland 2016 | Page 38
True Colours
Tapiola – the original Garden City
– is returning to its former glory as a wave
of new construction hits Tapiola Centre
Not so long ago, Tapiola, the iconic “Garden City” of Espoo, had fallen on hard
times. With new and shiny shopping centres emerging all around the Helsinki
Metropolitan Area, Tapiola Commercial Centre was struggling to keep up. After
all, the first parts of the Tapiola Centre date back to the 1950s and 1960s and
little progress had been seen since.
T
he owners in the Centre were reluctant
to do much about the situation, since it
would mean considerable investment
and uncertain outcome. In addition, the local
owners had different opinions on how the
classic neighbourhood should be revitalised.
Then, there was the decision by the
City of Espoo to build the western metroline,
with Tapiola as a key station. Metro promised fresh momentum and one of the local
owners, LocalTapiola Real Estate Asset
Management, wanted to ride that wave.
Pretty soon, LocalTapiola was making considerable investments in the Tapiola Centre
and leading by example, which meant, in
time, that other investors followed.
Rescue Operation
Vesa Immonen, Managing Director of
LocalTapiola Real Estate Asset Management, says that rescuing Tapiola Commercial Centre was something that the company
just felt it had to do:
36 Nordicum
“Without a strong investor to show the
way, Tapiola Centre would have shrivelled
up eventually,” Immonen says.
But what is it exactly about Tapiola
that makes it so special? To answer this
question, one must look back in time – all the
way to the 50’s, when the name Tapiola was
synonymous with ‘future’. Since its birth
over 60 years ago, Tapiola has been regarded
as a natural treasure: a shining example of
a modern community rooted in natural values. Tapiola Centre formed a highly valued
architectural landmark for the “community
of tomorrow” that attracted attention worldwide.
Pedestrian Paradise
Immonen believes that the Tapiola “core
brand” r