Volta SKAI, the first high-rise in Põhja-Tallinn, receives its cornerstone

On Tuesday, 7 April, the cornerstone of Põhja-Tallinn’s first high-rise – Volta SKAI – was laid in the Volta Quarter in Tallinn. According to plans, the first of the two 12-storey towers is expected to be completed in the first half of next year. At the panel discussion that followed the ceremony, experts debated why construction does not stop in times of crisis – and why hesitation is the greatest risk of all.

Volta SKAI is located in the Volta Quarter with its 125-year history and consists of two 12-storey towers with a total area of 18,600 m². In total, more than 100 apartments and commercial units ranging from 35 to 195 m² will be built, with prices starting from €249,900, prices per square metre starting from €4,730/m². The living spaces feature ceilings up to 3.8 metres high and floor-to-ceiling windows. The project’s architecture was designed by ARS Projekt, with Endover acting as the developer.

“The cornerstone of Volta SKAI is a significant milestone – for us, for the development of Põhja-Tallinn as a whole, and for the rebirth of this historic industrial area. Construction is on track, and the project is holding to both its timeline and budget. In these challenging times, this high-rise stands as a symbol of optimism and confidence – for us, for our investors, and for those who are building their home here. Change and progress – in the urban environment and in the economy alike – do not arise from nothing. They are born through bold decisions. People move to where life is better. They choose their environment. A place with life. A place with a story,” said Endover CEO Roul Tutt.

The experts who took part in the panel discussion agreed that, despite global uncertainty, the key indicators of Estonia’s real estate market remain strong. “The purchasing process has become longer – people weigh things up, measure, observe. This shows the market has matured,” said Tutt. “The biggest risk is failing to make a decision at all. The time spent in fear and inaction cannot be recovered,” he added.

SEB Bank macro analyst Mihkel Nestor noted that financial markets’ reaction to global tensions has been calmer than expected. “Oil futures point to prices falling below $80 per barrel as early as October – this shows that markets are assessing the situation in a far more measured way than the headlines might suggest,” he explained.

Chairman of the Management Board of LHV Varahaldus Vahur Vallistu stressed that uncertainty is, for an investor, more of a reason to adapt than to stop. “In the current situation, no one can predict exactly where markets will go – the best an investor can do is remain flexible,” he said. Vallistu added that the potential of Põhja-Tallinn as an area remains significant and interest in it is growing.

Architect and Member of the Riigikogu Yoko Alender also emphasised that in times of crisis, it is especially important to build not just buildings, but places. “In a crisis, no new building should be built in a way that fails to create a better place, a better living environment – something that brings us together or sets us in motion. Otherwise, it is simply a colossal waste,” she said.

The Volta SKAI project was developed in partnership with architecture firm ARS Projekt, whose portfolio also includes other Tallinn high-rises – in the Maakri Quarter and Rocca Towers. The building’s architectural character is defined by extensive glazed surfaces and curved corner balconies, whose panoramic views will be preserved well into the future thanks to the property’s unique location. In Volta SKAI apartments, ceiling heights and full-format glazing have been designed so that daylight flows freely through the spaces. The building offers smart access systems, spacious lifts connecting the apartments, parking and the lobby, as well as a multi-level car park.

Volta SKAI has attracted investors from Estonia, Latvia and Lithuania through a €30 million bond programme; the bonds are traded on the Nasdaq Tallinn First North alternative market. The next construction milestone will be the topping-out ceremony in autumn 2026.

About the Volta Quarter

The Volta Quarter is part of the Volta–Krulli–Noblessner area, which for the third consecutive year has been Tallinn’s most sought-after new residential and business district. According to Citify, Volta is the capital’s most preferred new development both by number of units sold and by sales volume. In 2025, Põhja-Tallinn became one of the city’s most active new apartment markets – with 323 transactions and a turnover of €107 million – and recorded the highest average price per square metre (€5,345/m²). Built on the area’s industrial heritage, a new “golden mile” of the real estate market has emerged here, where former factory quarters have given way to a modern urban environment.

The private and secure quarter operates on the principle of the “15-minute city” – everything needed for everyday life is within walking distance. The recently completed Volta HUB is home to the largest MyFitness sports club in Põhja-Tallinn, and the quarter also has its own padel club. The area features cafés, shops, a bakery and childcare facilities, with a kindergarten set to open in the near future.

Endover is an Estonian real estate developer with more than 25 years of experience, creating value in urban space and developing integrated residential and commercial environments. The company’s portfolio includes 70 buildings and 2,840 apartments with a total area of 368,000 m².