Avain Yhtiöt has acquired a prominent block in Helsinki’s Töölö district from pension insurance company Veritas, setting the stage for a major residential development named Helsingin Palazzo. Situated at the intersection of Sibeliuksenkatu and Topeliuksenkatu, the site will be transformed from its former use as a hospital area into a high-quality urban residential quarter valued at approximately €200 million.
The project will span four plots and include a combination of three owner-occupied housing companies, two rental apartment buildings, and commercial premises. In total, the development will feature around 280 apartments. Residential space will cover 22,780 square meters, while an additional 1,710 square meters will be allocated for ground-level retail and service spaces. At the center of the block, a shared courtyard will offer a communal outdoor space for all residents. Car parking will be provided underground, with direct elevator access to each apartment.
Construction is set to begin at the end of 2025, initially focusing on the rental buildings. The first homes are expected to be completed by summer 2027. Throughout the development, the design emphasizes functional apartment layouts, high-quality materials, and premium-level fittings and equipment to ensure a comfortable and refined living experience.
The site has a layered history. In 2018, Helsinki University Hospital (HUS) sold the area to Veritas for €64 million. The parcel included not only the development rights but also the protected former Finnish Red Cross Hospital, which must be preserved as part of the project. Originally, Veritas partnered with real estate development company Auratum to organize an architectural competition, aiming to attract high-end residential designs. However, the project was delayed when Auratum ultimately withdrew from the initiative.