Building permit for the construction of the housing project Vilniaus Džiazas has been obtained

2024-02-18

Unique Properties, a real estate development company, has received a permit and started the construction of the Vilniaus Džiazas project in K. Vanagėlio Street in Vilnius Old Town.

K. Vanagėlio str. 11 and 18, which consists of a two-storey apartment building with 62 apartments and 11 commercial premises, a 1200 sqm administrative cultural heritage object of interwar construction and public spaces. The project will feature apartments with 4,5 m high ceilings and 4 m high stained-glass windows, the ground floor will have private patios and access to a garden, while the second and third floors will have balconies and the last floor will have private terraces.

According to Gediminas Tursa, CEO of Unique Properties, Vilniaus Džiazas aims to revitalise a part of the Old Town that was undeservedly forgotten during the Soviet era, and to reconnect it with the Rasa. The complex not only includes an open and lively commercial street along the north-south axis, but also new pedestrian and cycling connections to the railway station.

“After obtaining the building permit, the company received a lot of interest from interested parties and within a couple of weeks it sold several more apartments – currently Vilniaus Džiazas has signed about 20 preliminary contracts for apartments and sold several commercial premises. The price per square metre of apartments in the project varies between EUR 5,000 and EUR 12,000,” says Sandra Grinkienė, Real Estate Project Manager at Ober-Haus.

Financial partners are also showing their confidence in the Vilniaus Džiazas project. “Construction work is being started with our own and interim financing, and agreements are being finalised for further financing, including bank financing. Even against the backdrop of a more moderate housing market, we can feel the strong confidence of buyers and lenders in the exceptional architecture,” says Mr Tursa.

Construction of the entire complex is expected to be completed in the third quarter of 2025. Unique Properties is investing a total of approximately EUR 23 million in the complex.

Vilniaus Džiazas was designed by Do Architects, construction management is being handled by Incorpus, and Sorainen is advising on legal matters. Ober-Haus is taking care of the commercial and marketing aspects.

More about the project www.vilniausdziazas.lt