Second phase – with an anchor tenant
‘We are starting the second phase of the Urban HUB development earlier than planned – before the first phase is completed. This decision was driven by the market demand for modern projects in a promising location. One of the first to move in and open a 2,000 sqm store will be our anchor tenant, the IKI supermarket. At the end of the second phase, the retail and business space in the project will grow to 50,000 sqm, and most tenants – over 70 businesses – will have the opportunity to start operating their businesses here’, – says Giedrius Muliuolis, Chief Executice Officer of Urban HUB.
G. Muliuolis further explained that in this economic environment, businesses are looking for flexibility and the most efficient solutions, so the pace of project development is an integral part of success. Tenants are expected to start moving in by the end of the first phase in the middle of this year.
Work on the third and final phase of the Urban HUB development is scheduled to start in early 2026. By then, 12 commercial buildings will have been developed on the 12.5-hectare site, with more than 100 companies setting up their businesses there. The investment in the project will amount to more than EUR 100 million across all phases.
€10 million in infrastructure investment
According to Rasa Pečiulaitė, Head of Real Estate Development at Urban HUB, the project’s second phase will be accelerated – construction work is scheduled to start in a few weeks once the general contract has been finalised. The first building, the 5,700 sqm building closest to the A6 which will house the IKI supermarket is scheduled to be completed by the end of 2024, while the remaining three buildings of the second phase will be completed within 2025. The second phase will be accompanied by the construction of the A1 motorway access, which should also be completed by the end of this year. It is planned to start after obtaining the building permit.
Rasa Pečiulaitė explained further: ‘With the second phase, we are not only starting to build four buildings – an additional 28,000 sqm and landscaping – but we are also connecting the city’s infrastructure to the suburbs. Over the project’s three phases, we will invest over €10 million in infrastructure, central networks and roads. The second phase will bring the water, sewerage and stormwater drainage systems closer to the surrounding area’s residents, who will be able to connect these to their homes. In addition, the second phase will also see the upgrade of Veterinarų Street awaited by the community, with asphalt, bicycle and pedestrian paths, and lighting.’
Parallel to Urban HUB in the Kaunas district, the SBA Group real estate development company is developing a project in Vilnius, near Ukmergės Street. Here too, construction work is moving fast. It is planned that 22,000 sqm of space for trade and business will open this summer. The investment in the project is estimated at around EUR 30 million, and more than 30% of the space has already been reserved or leased.
