The construction of the project has already started – it is being built in a promising location in the capital, Kareivių Street, next to Ogmios City and Ozas park. The site, which aims to replicate the New York conversion success story of this part of Vilnius, will offer 174 apartments and 11 commercial spaces in two phases.
„Like New York by CITUS“ will consist of three A+ energy class apartment blocks. The project's developer is Victory Development V, and the planned investment in the project will be around EUR 17 million.
„The new project contributes to the regeneration of the former industrial area around „Šiaurės miestelis“ (the „North City“), opening it up to the city's residents, creating new residential, service and retail spaces, and expanding and modernising street access.
We have sought a harmonious dialogue with the existing and prospective urban context to create a sustainable and comfortable living environment,“ says Darius Steponavičius, architect of Eventus Pro, the studio that designed „Like New York by CITUS“.
„Like New York by CITUS“ will feature a large courtyard shaped like New York City's Central Park and panoramic views of the capital from the upper floors and rooftop terraces.
The courtyard will be divided into different recreational and leisure areas for residents, named after the Central Park zones and decorated with elements similar to those seen in the „Big Apple“. The graffiti paintings on the walls of the building, with allusions to New York City, will add an interesting touch, as well as the preserved trusses of a former industrial building, also painted and becoming part of the courtyard.
„Why „Like New York“? Not just because of the courtyard or its elements, the tall buildings. The approaches to Kareivių, Kalvarijų and Verkių streets are undergoing a transformation that has happened and is happening in New York: the symbol of the mediocrity has become an island of progressiveness, a city that is reimagining itself in new ways.
The incredible combination of architectural and historical layers makes it unique worldwide. The High Line, Hudson's Bay, and the Little Island conversion projects, to name but a few. Maybe this revitalised part of Vilnius will become a huge success story in the future – like NYC?
We have been looking forward to our project and want to contribute to the metamorphosis of the district,“ says Rytas Stalnionis, Head of Communications and Brand strategy at Citus.
The company is confident in the project's success: the carefully selected target customer segments and the tailored idea and concept of the project make it stand out from the other projects that abound in the area. Despite the more difficult acquisition conditions, the market demand for housing is reflected in early interest: over 100 potential future residents of „Like New York by CITUS“ have already left their inquiries.
The project's first phase will consist of one nine-storey block of 81 apartments. Three-quarters of this will be the most sought-after 1.5 and 2-bedroom apartments on the market. They will range in size from approximately 25 to 36 sqm and from 41 to 46 sqm, respectively.
There will also be a choice of three-room, 56.5 to 73 sqm or four-room, 67 to 80 sqm apartments. Similar proportions of apartments by the number of rooms and floor areas will be available throughout the project. In the first phase, the pricewill be around EUR 3 400 per sqm.
The total number of parking spaces will be 131 (61 in the first phase), all of which will be located in an underground car park. In order to meet the changing needs of future residents and to be ahead of the technical requirements for parking infrastructure, all parking spaces will be adapted for car charging, and 20% of them will be equipped with charging stations.
Smart functionality is planned for the car park: a power distributor, which will allow to distribute of loads to the whole project without increasing the power. For example, when electricity demand is lower at night, EVs can be charged at full capacity, while during the day, charging capacity will be reduced when consumption increases.
The „Like New York by CITUS“ project is designed for people looking for a place to live with a developed infrastructure and a range of shopping, leisure, entertainment and cultural venues within easy reach.
Kareivių, Kalvarijų and Ozas streets are nearby, providing easy access to any part of the capital, as well as a wide range of shops, the Ogmios miestas, Ozas and Akropolis attraction centres, and the Neris river, the Ozas and Kalvarijų Forest Park, Valakupiai, the Žirmūnai beach and other green spaces, which can be reached and accessed by pedestrian and bicycle paths that stretch across the entire city.
A large number of kindergartens and schools in the surrounding area are important for families with children.
Students should also be interested in the first housing in the project, as Kareivių Street provides easy access to the university campus in Saulėtekis, and Mykolas Riomeris University is a similar distance in the other direction, with plenty of places to meet and spend time in the area.
The location chosen for the project is „North City“, a location that is about to undergo major changes. This large urban area of around 83 hectares – more than three times bigger than the famous Times Square in New York and 41.5 times bigger than Cathedral Square in Vilnius – is about to undergo a similar transformation to the one that has radically changed the face of the Vilnius Downtown and is now also being planned for the Station district and Vilkpėdė.
It, therefore, has the potential to become one of the most popular districts in the capital. Vilnius City Municipality is already working on a vision for the Verkiai Bus Park, which will have the potential to transform into new public spaces, a school, a kindergarten, and residential houses and become a catalyst for the conversion of previously industrial areas.
New streets will be built, and infrastructure will be developed: a project for the reconstruction of Kareivių Street and the intersection with Verkių Street has already been prepared, more cycle paths will be created, a large-scale conversion of Šiaurinė Street is planned, and a pedestrian bridge between Žirmūnai and Antakalnis is planned. Therefore, property value in this area will increase in the coming years.
The foundations have already been poured, and the structure of the underground car park is under construction. The 80% completion of this phase is planned for the first quarter of next year, with 100% completion and handover to the new residents in the summer of 2024.
Construction of the second phase is expected to start immediately after obtaining the building permit in Q2 2025. The aim is to register 100% completion of the entire project in Q3 2025. The construction management has been entrusted to Citus Construction.
According to Citus analysts' data, in the first quarter of this year, the primary housing market in Vilnius saw 648 sales of new apartments and townhouses. This represents 64% of the first quarter of 2022 and is almost a fifth more than in the last quarter of the year.
On average, about 216 apartments and townhouses are reserved per month this quarter, which is better than in the two previous quarters (2022Q2 – 241; 2022Q3 – 128; 2022Q4 – 181), but slightly lower than the average for the year as a whole, which was 222 dwellings per month on average. In March, 269 sales were registered in the capital, the most this year.
During the quarter, 55 units were sold in projects managed by Citus in Vilnius, Kaunas and Druskininkai. With 34 contracts, March was almost 2.5 times more successful than February (14) and more than 3 times more successful than March (10).
Last month, 17 apartments and townhouses were sold in Vilnius, 14 in Kaunas and 1 in Druskininkai. The company's stock of managed projects currently consists of 96 apartments and townhouses in Vilnius, 16 lofts in Kaunas (as well as 26 commercial premises – all in the Radio City by CITUS project) and 104 apartments in Druskininkai in the Nemunas by CITUS project.
In Vilnius, the second phase of Miško ardai by CITUS was fully completed last quarter, and sales and construction of two new projects are planned to start in the coming months.
Figures and facts
Project address – Kareivių g. 2E, Vilnius; Site area – 0,5583 ha; Developer – Victory Development V; Manager – Citus; Construction manager – Citus Construction; Developer – Eventus pro; Estimated investment – approx. EUR 16.94 million; Projected area – total area 12,8 thousand sq.m., residential area 7,85 thousand sq.m; Number of flats, number of rooms, areas – 81 flats in the first phase (total – 174); 1,5–4 rooms; 24,75–79,94 sqm.
Number of commercial premises – 5 in Phase I (total – 11); Type and number of parking spaces. – 61 underground parking spaces in Phase I (131 total); Prices – approx. EUR 3 430 per sqm Planned construction timeframes: Completion of Phase I in Q1 2024 (80% completion) / Q3 2024 (100% completion); Start of Phase II in Q2 2024, completion in Q2 2025 (80% completion) / Q3 2025 (100% completion).