Swedish property giant Atrium Ljungberg has inked a deal with the City of Stockholm for a major public development project called Mälarterrassen.
The SEK 430 mln (€38 mln) contract will see Atrium Ljungberg take over the leasehold for the 7,000 m2 public space in October 2024.
The location will be activated in the summer of 2025 with operations due to start in late autumn 2025 and 2026.
Mälarterrassen consists of two buildings next to the Södermalmstorg square with connections to underlying premises further down towards the quay. There will be one building terraced on three levels with a total of six restaurants with outdoor seating.
Between the buildings will be an open staircase that connects the quays of Söder to the Södermalmstorg square and Gamla Stan.
Annica Ånäs, CEO of Atrium Ljungberg, said: ‘I am very pleased that we have been entrusted with the development of Mälarterrassen. It will be a truly unique location with a panorama view of Gamla Stan, and it will be filled with diverse food and drink experiences, where creativity and passion are key ingredients. Our ambition is for Mälarterrassen to be a natural meeting place for both Stockholmers and tourists.’
The project is expected to be a major boost for Stockholm's tourism industry, creating a vibrant meeting place for food and culture for both residents and visitors.
Atrium Ljungberg already owns Glashuset and Sjömansinstitutet at the Stadsgård wharf by Slussen, boasting a total letting area of 26,000 m2. Additionally, it holds a land allocation for a development right of 18,000 m2 GFA at the Stadsgård wharf, and also owns Soderhallarna by Medborgarplatsen on Södermalm.
