City of Helsinki Urban Renewal

Promoter – Financial Intermediary

City of Helsinki.

Location

• Finland

Description

The project comprises a number of urban renewal components as follows:

• Rehabilitation of contaminated land areas in several locations to be replaced with public open space, social housing, and associated urban infrastructure (80% of the total project cost), as part of planned regeneration schemes in the selected localities.
• Redevelopment and submerging of the the city's main bus terminal, freeing up space for development of commercial and residential buildings above ground, while simultaneously establishing a better transport system (10%).
• Clearance of redundant industrial buildings on two sites and redevelopment of the areas in question with social housing and associated urban infrastructure as part of planned regeneration schemes within the respective localities (10%).

Objectives

Improving the quality of life within the concerned areas. The proposals all form part of the regeneration strategy for the city, and reflect both needs and demand identified in the prevailing city structure development plan and elaborated in more detail in associated local plans.

Comments

Construction, Urban Renewal.

Sector(s)

• Urban development

Proposed EIB finance (Approximate amount)

EUR 250m.

Total cost (Approximate amount)

EUR 540m.

Environmental aspects

Urban development projects fall within Annex II of the EIA Directive. The proposed schemes are the result of an extensive planning process involving the development of a structure plan for Helsinki, as well as detailed local plans (proposals for land use and development within specific localities) with impact assessments for the respective development areas (including extensive public consultation at each stage in accordance with the Land Use and Building Act 2000). In addition, developments for large new housing areas on City-owned land often include environmental design guidelines for overseeing the implementation of the project area. The EIA Directive (translated into national law) will be applied to each project.

Procurement

European Directives concerning procurement of services and public works are fully embedded in Finnish Law and the borrower will ensure full compliance for all sub-projects funded as part of the framework loan facility.

Status

Signed - 22/11/2004