The company that wins the competition to develop a National Stadium on the outskirts of Vilnius will also be allowed to build apartments on the site as a sweetener to attract potential developers.
The site of the future National Stadium
© DELFI / Šarūnas Mažeika

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.

Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Israeli cloud services integrator chooses Vilnius for European base

TeraSky, a leading Israeli cloud solutions integrator, has just announced the opening of its European...

The popular French fashion brand „Gémo“ enters the Baltic States: first store in Lithuania – in 2019

The popular French fashion brand „Gémo“ entered the Baltic States - the first regional store was...

International investors discover Šiauliai

In recent years, Lithuania has seen a large influx of foreign investors. Whereas Vilnius and Kaunas...

Hungary may consider buying gas from Lithuania - president

Hungarian President Janos Ader said on Tuesday that his country might consider buying liquefied gas...

New global sales trends have not bypassed Lithuania: “Pigu.lt” has announced two-week sale festival

Traditionally, November is a very busy month for global trade sector as everybody looks forward to new...