Construction works started for Concession-type PPP parking project in Vilnius
The last week of March marked the beginning of construction works for the Concession-type PPP parking infrastructure at Santariskes medical campus in Vilnius. During the first stage of construction, 341 parking spaces will be renewed and created by UAB “Santariskiu parkavimo paslaugos”, the project’s special purpose company, set up by the preferred bidder Latuna, which is a subsidiary of the Lithuanian parking services and management company UniPark.
The first stage of construction is scheduled to be completed by May 2018 and it will involve the renewal of the 4 existing parking lots, as well as the construction of 1 new parking lot (out of the 11 to be operational in total). The private partner announced that, in addition to direct parking infrastructure, it will also install modern LED lighting, place underground recycling bins, pave new pathways, build benches and make other improvements to the parking area.
Under the 25 year PPP concession contract, in 19 months from the financial close the private partner is required to design and build new multi-storey and ground parking infrastructure, creating a total of 2,250 new and renewing 507 existing parking spaces. Once construction is complete, the concessionaire will manage and operate the parking infrastructure for a further 23 years in order to ensure its effective functioning. Up to 70 per cent of the required financing to implement the €14 million parking infrastructure project was provided by one of the largest financial services provider in the Baltic banking market, “Luminor”.
“We have come a long way since launching this tender back in 2014, and it is pleasing to see all this hard work materializing into a socially responsible infrastructure. Santariskes medical campus is an important location nationwide, so delivery of infrastructure must be handled especially delicately. We keenly await its completion so we can offer the site as an example of a successful partnership between public and private sectors where all sides benefit.” – says Tadas Jagminas, director of the Project Management Department at Invest Lithuania.
Santariskes is the biggest medical campus in Lithuania, with more than 2 million visitors and patients visiting annually. The current campus’ parking infrastructure is presently overloaded and unsatisfactory as regards the convenience it affords patients and staff alike. The new PPP parking project will alleviate this situation.