Reykjavík City signs a purchase agreement for Toppstöðin in Elliðaárdalur

In early June 2024, Reykjavík City advertised Rafstöðvarvegur 4 for sale. In November that same year, the City Executive Council approved entering into contract negotiations with the highest bidder, Hilmar Ingimundarson, representing a company then being formed, now known as Toppstöðin ehf. The purchase offer stipulated conditions for loan financing, tenant lease agreements, and Directorate of Fisheries approval for construction and improvements under the Act on Salmon and Trout Fishing. The bidder has now secured full financing and adjusted their offer so the purchase price of 420 million króna will be paid in full when the purchase agreement is signed.

Outdoor recreation and extreme sports center in the heart of the city

Toppstöðin covers nearly 6,500 square meters. The proposal involves making the building suitable for rental and creating an outdoor recreation center in the heart of Reykjavík. It will house extreme sports and other activities that can promote outdoor recreation and leisure opportunities in Elliðaárdalur. The estimated construction timeline from contract signing to completion is three years.

The plan combines health promotion activities, cultural and educational programming, public sports support, and family participation in sports. The goal is to provide improved public facilities focused on serving residents and their guests with quality amenities for diverse recreational activities available year-round. "The company envisions this as the first phase in developing Elliðaárdalur as a sports and outdoor recreation hub, where it becomes the center of the city's network of outdoor recreational areas and walking and cycling paths," the proposal states. The proposal also emphasizes preserving Toppstöðin's artifacts and history during renovations in consultation with stakeholders.