The property previously belonged to the Finnish retail chain Stockmann, but in 2021, the struggling company sold it to VKG Invest for €87 million and began leasing it back. Stockmann built the Tallinn department store in 1996 and expanded it to five floors in 2000.

The new plan divides the 1.76-hectare property, which includes the Stockmann department store and the building at Maakri 25, into two parts. It allows for the construction of two towers with up to 37 above-ground floors and three underground levels, reaching a height of up to 130 meters.

Margus Kangro, one of the owners of Maakri Holding, said construction will not begin for five to ten years.

The area will include a public park, pedestrian walkways, multi-use buildings, and new landscaping.

Tallinn Deputy Mayor Madle Lippus (SDE) said the goal is to transform the closed business quarter into an active part of the urban environment.

"The planned city park will connect the Maakri quarter with Lastekodu tänav, which is currently under reconstruction, creating an entirely new pedestrian route, supported also by the proposed redesign of Liivalaia Street," she said in a press release.

Archaeological studies will be carried out before construction begins.

The spatial design of the development is based on the winning entries of an architectural competition, Delta Steer and Flow, created by Kadarik Tüür Architects and Arhitekt11.

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