The Radio City by CITUS was launched in 2020 – this involved the acquisition of a prominent building in the temporary capital; more specifically, most of the premises of Kaunas Radio Factory Banga, built in the 1950s. With the help of the experienced Archas team, it now reflects a kind of architectural expression that emphasises its former character while still hinting at modern day trends. The four blocks of the complex have been named after the legendary products of the radio factory, and each will have a different façade. The first stage included the Nida and Banga blocks, whose names are linked to the tape recorders and colour televisions produced here fifty years ago; these blocks are located in Astronomija Street and Savanoriai Avenue. The remaining two blocks – Minija, along Žemaičiu Street, and Daina, facing the Resurrection Church – will be brought back to life in a second, finalised stage.
„We chose a much more sustainable conversion path than one of completely new construction, and the Archas architectural team was able to uphold our vision. This building is interesting; it has a contemporary spirit and it fits in with Žaliakalnis. Of course, it also came with its technological challenges, and we had to weigh our own interests against those of the many owners of the building – while they retained ownership of it, they were not immediately willing to contribute to the renovation effort. Today, however, we can see that the project has been successful and has met clients' expectations. We expect to have a lot of news during the second stage as well. We hope to announce this news soon, while pre-project proposals are still in their preparation stages. And then the whole complex of the former radio factory will take on a new face, and the property's value should grow more rapidly upon the completion of the project,“ says Mantas Galdikas, Director of Citus.
90% of the units have been sold
The Nida and Banga blocks, covering 8,200 m2, have been turned into 184 lofts and 42 commercial premises. There are only 24 premises still vacant in the first stage of Radio City by CITUS project – 10 lofts and 14 premises that can be adapted for commercial activities and lofts with separate entrances.
„The project has become very attractive to investors due to the increasing value of the area's growth and development prospects. Almost two-thirds of the lofts were purchased with an investment objective. Kaunas is a city of youth, often referred to as a student city – the availability of property for rent in such a location and the attractive return on investment are both things that encourage investment. We calculate that the property in Radio City by CITUS project will generate annual returns of about 8–10%. And we have clients who have purchased more than one loft – up to 10 lofts“, says M. Galdikas.
A clinic, a print shop, various other shops, a dental clinic, beauty services, a creative therapy house and an art studio have already settled in the first stage of the project.
The new project owners also have a roof terrace with recreational and leisure spaces and a great panoramic view of Kaunas Žaliakalnis, one of the city's highest points. This advantage is appreciated not only by the owners of the lofts but also by the entrepreneurs settled in the project.
The CEO of Citus has noted that the location of Radio City by CITUS project offers an excellent advantage for both loft and commercial property buyers. The project is located in the revitalised Žaliakalnis district, in a central location in the city, next to Savanoriai Avenue. The Resurrection Church, one of the symbols of Kaunas, is also nearby, along with Laisvės Avenue, the Žalgiris Arena, Ąžuolynas Park, the Darius and Girėnas Stadium, Vytautas Magnus University and the Kaunas University of Technology, the Jonas Jablonskis and Saulės Gymnasium schools, and several other sports, shopping, entertainment and leisure facilities.
„We were looking for a small space for our business in the city centre and wanted to buy rather than rent, but we couldn't find a better option elsewhere. The premises in Radio City by CITUS were very appealing because it has two floors, allowing us to have an interesting space while we present our services in an attractive fashion and at the same time create an unconventional environment for our clients. Finally, we came up with the idea of expanding our business and purchased another, larger premises, where we plan to proceed with new business ideas,“ said Linas Pėstininkas, the head of Indigo Projektai.
All these advantages have led to the establishment of Citus Kaunas office, which is now home to the teams responsible for overseeing the temporary capital and Druskininkai projects. This will allow for more efficient management of the ongoing Radio City by CITUS project, and make it easier for clients who have purchased premises there to find project managers.
An idea borrowed from Scandinavia
Previously, the sales team offered commercial space only to corporate clients. They have now attracted interest from small businesses – there are few business premises in the Kaunas city centre, and employees can use the common areas of Radio City by CITUS project.
„Having seen examples in Copenhagen, we decided to offer these premises to people looking for lofts for living. Such an enterprise does come with its additional advantages: for example, a private entrance, without no need to use the common staircase. In Denmark, we saw a project that resembles Lithuanian terraced houses, but it's designed like a loft, and most of the owners don't just live there but also conduct commercial activities and meet clients in the same space. I believe there will be creative people in Kaunas who will find such an idea attractive“, said Artūras Žimaila, Citus Development Manager in Kaunas.
The ruins are old, but the building is just like a new one
During the conversion of the former Kaunas Radio Factory into Radio City by CITUS, most of the building's walls and slabs were preserved, repaired and reinforced, and characteristic architectural details – pilasters, staircases, elevator shafts, and more – were retained.
The rest of the building has been completely renovated: the façades and the roof with terraces have been insulated and rebuilt, with new floor structures, internal partitions, and lifts, and all the engineering systems have been replaced – water supply, heating, electricity, the fire alarm system, sewage, ventilation, individual metering of utilities. These solutions have resulted in the building reaching energy efficiency class B.
In addition to Radio City by CITUS in Kaunas, Citus currently manages the projects Miško ardai by CITUS, Kaip Niujorke by CITUS, Visi Savi by CITUS, and the project PaJustis by CITUS (which is now in its final stage of completion, with all apartments and terraced houses sold out), and Nemunas by CITUS in Druskininkai. A new project in Vilnius, Mūnai by CITUS will start this year.