Homes and business in Vesturbugt

Ritstjórn

Economy Finances

Vesturbugt við gömlu höfnina í Reykjavík

The City Executive Council approved M3 fasteignaþróun ehf.'s bid for development rights at Vesturbugt by the Old Harbor in Reykjavík yesterday.
 

The lots in Vesturbugt are Hlésgata 1 and 2. The development allows for up to 177 residential units in 2-5 story buildings, along with underground parking and about 1,420 square meters of commercial space. The development rights sold for just over 2.8 billion króna with road construction fees of about 330 million króna. Total payments to Reykjavík City amount to about 3.2 billion króna.

One-fourth of homes will be rentals

At least 25% of homes in the building lot must be rentals according to the land-use plan. Of those, Félagsbústaðir Social Housing has purchase rights for up to 14 homes and Icelandic Student Services has purchase rights for up to 50 homes.

Construction next year

Development in Vesturbugt has been on the agenda for quite some time, but the development rights were put out to bid again in July. M3 fasteignaþróun ehf. was the highest bidder, and contracts with the company have now been finalized.

"It's wonderful to finally begin the design and planning for this development for these unique building lots at the western harbor by the center of Reykjavík," says Örn V. Kjartansson, CEO of M3 Real Estate Development ehf. "This is arguably the last densification area in the city center and truly unique to offer homes for sale this close to Reykjavík's old harbor. If the design phase goes well, we can expect construction to start in early spring next year."

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