First phase of Kringlitar approved

The City Council today approved an agreement with Reiti Real Estate Company, on behalf of Reita – Development and Reit Commercial property, on the first phase of development in the Kringla area. About 418 apartments are expected to be built and about 20% of them will be rental apartments, including student apartments, apartments for the elderly and/or residential apartments.

This is stated in a statement from City of Reykjavik.

11 thousand square meters in commercial real estate

Get social housing options for up to 5% of the plots. Furthermore, Reitir will undertake to work together with others on a preschool service plan in the area. Landowners will also spend ISK 11.5 million for art creation in the area and the City of Reykjavik will donate the same amount.

It is estimated that around 56,000 square meters of housing farms will be built as well as just over 11 thousand square meters of commercial real estate.

It is assumed that Reitir will pay just over ISK 1 billion for the building rights and will also pay street construction fees and other statutory fees related to the structure.

In addition, a new land development plan is in progress for the plots and the location of plots, utilization, building volume and more can change in its processing, and the announcement states that construction of each plot should be completed within 36 months of the construction permit.

A computerized picture of the inner area on the Kringlit.

Henning Larsen and Thg Architects

The field connected to the surrounding area

The announcement states that public spaces as well as a walking and skate bridge over Kringlugata are expected to connect the land to the surrounding area.

Then, Heida Björg Hilmisdóttir, mayor, will hold an open presentation meeting on housing tomorrow in the Reykjavík City Hall, where Kringlubreitur will be among the topics.

The meeting will be in direct stream on the City of Reykjavik website.

An overview image showing the proposed layout of the box.

Drawing/Henning Larsen and Thg Architects