Garden Helsinki project reset: Only a giant arena planned, no housing

The long-gestating Garden Helsinki project has undergone a significant "reset," as described by chairman Jan Vapaavuori. Originally envisioned as a massive complex including apartments, offices, and a hotel alongside a 20,000-seat arena, the project faced financial hurdles. The previous concept, Vapaavuori explained, was "too complex and risky" to secure funding.

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We are resetting the entire project. The key reason is that the old concept was not financially viable. It was too complex and risky.

This recalibration strips away the residential, hotel, and office components, focusing solely on the multi-purpose arena. This drastic simplification is expected to slash the cost estimate from a staggering 800 million euros to around 400 million euros. The revised plan also involves building the arena partially above ground, further reducing costs and complexity compared to the initial underground design.

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This will cost something starting with a four.

Despite the scaled-back vision, Vapaavuori insists there is a pressing need for a large-capacity arena in Helsinki. He argues that major international artists bypass venues smaller than 16,000-17,000 seats, leaving the city "left behind." The project also includes the renovation of the existing Nordenskiöld ice hall, a practice hall, and a parking facility.

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Major artists do not come to arenas that are not large enough. Arenas smaller than 16,000–17,000 people are left behind.

While funding is not yet fully secured, Vapaavuori expressed confidence, citing "many promising discussions." He believes the reduced scope and risks associated with the arena-only concept will make it more attractive to investors. The focus now shifts to making the arena itself profitable, a goal Vapaavuori believes is achievable with the new financial equation.

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Helsinki has fallen behind, and now we need to get back in.