The City of Pärnu and Vanasadama Arenduse OÜ have signed a compromise agreement resolving disagreements related to the number of parking spaces, floor heights, and the use of the ground floor. This agreement allows the Vanasadam Quarter development project to proceed as planned.
“This compromise agreement enables us to move forward with one of the most important development projects in Pärnu city centre, bringing a modern residential and business environment to the banks of Vallikääru and the Pärnu River,” said Kenneth Karpov, representative of Vanasadama Arenduse OÜ. “Vanasadam Quarter is designed as a prestigious living environment where architecture, location, and quality create unique value. Our goal is to create a new, attractive maritime gateway for Pärnu — an urban space that enhances the overall quality of life in the city centre. Already, more than half of the apartments have been reserved, which shows that buyers appreciate our vision and standards.”
According to the Pärnu City Government, reaching an agreement is a sensible step that ensures a balanced solution and creates confidence for the future. It allows both parties to focus on moving forward, avoiding prolonged disputes and fostering smoother cooperation. The city’s goal has always been a fair and sustainable outcome that considers the interests of all stakeholders.
Pärnu is a city of rivers and the sea. In recent years, the Pärnu River area in particular has seen significant development momentum, with visible changes transforming the urban landscape.
The Vanasadam Quarter is one of the largest and most ambitious real estate developments in central Pärnu, bringing three modern residential and commercial buildings to the heart of the city, at the mouth of the Pärnu River and Vallikääru. “We are committed to the development of Pärnu and believe that now is the right time to bring high-quality homes to the best location in the city,” added Kenneth Karpov, representative of Vanasadama Arenduse OÜ. “What makes our project truly special are the spacious balconies and terraces with views of the sea and river. We also guarantee top-quality interior finishing materials, modern technical systems, and a convenient parking solution for future residents.”
The first phase of the development is expected to significantly energize the city centre and serve as a key link between the beachfront area and the historic downtown. The first building will be completed this summer, with the first apartments handed over to their new owners within the same period. The full development comprises three buildings and an open urban space between them, to be constructed in stages. “Due to strong buyer interest, we are already planning the construction of the second phase,” said Karpov.
“As a sign of good cooperation, we have decided not to claim legal costs from the city. For us, the priority is to focus on the successful completion of the project,” Karpov added.
Background
The Vanasadam Quarter is a three-building development located in Pärnu’s historic harbour district, right in the city centre. The total investment exceeds €45 million. In the first phase, a five-storey building at Kalda 4 will be completed, offering 64 apartments, commercial spaces, and an underground parking level. The next stages of the project will add two more buildings at Kalda 6 and Kalda 8. Once completed, the entire quarter will provide over 130 apartments and a range of commercial premises.
Vanasadama Arenduse OÜ is a real estate development company founded in 2018, focusing on projects in the heart of Pärnu.
