Apartment deal to push ahead €79m national stadium development

The national stadium project is moving ahead after Vilnius City Council voted on Wednesday on the terms for a future concession agreement with a private investor. The future developer, who will be expected to turn a concrete skeleton in Šeškinė into a multi-functional sports complex, will also be allowed to construct apartment blocks as an additional incentive to turn a quicker profit.

Vilnius is looking for private developers for the €79 million concession agreement. The deal will last 25 years, three of which will be used for constructing the complex of sporting facilities.

Over the first three years, the city will pay developers €2.4 million and, following that, €500,000 a year for the rest of the contract duration for using the facilities, after which they will be handed over to the municipality.

As an extra incentive, Vilnius Council voted to allow the investor use the rest of the 23 ha plot for commercial purposes, most likely construction of apartments.

The proposal has proven controversial, with some council members saying that the apartment blocks will put too much stress on local infrastructure and that investors do not need additional incentives since it is a low-risk investment.

Nine companies have expressed interest in the National Stadium concession deal, according to lrytas.lt.

The complex will include a 15,000-seat stadium, a sports museum, track and field facilities, four football pitches, a library and other sports and educational facilities.