KY Building planning update
In 2018, KY Foundation’s board and supervisory council decided to move on with the idea of renovating KY Building’s current office spaces into student apartments. Since then we have been busy making background studies and advancing the project planning. Last year, several technical examinations were conducted to clarify what it would take to convert the current office building into a housing complex, including things like ventilation, soundproofing and the number of apartments that could be fitted in the building. The end-products of those examinations and draft designs are a finished project plan for the conversion, cost estimates and investment calculations. The Foundation now has an understanding of the requirements of the conversion and the financial potential of the project in our possession.
This year’s big decision that will eventually be done by the KY Foundation’s Supervisory Council is to choose whether it is in the Foundation’s best interest to carry out the conversion under our own supervision and continue operating and owning the new apartment complex, or should we rather sell the building to an external investor. We predict that this decision will be made during the summer. The spring will be used to find the best purchasing offers from domestic and international real estate investors, so that the Supervisory Council will be able to choose between the best price(s) that the market has to offer, and the project’s estimated value as our own asset.
The availability of KY Building’s current premises for the autumn is thus unclear. While it is certainly possible that the building will stay open for associations for at least part of the autumn period, we would advice not to count on the availability of e.g. Yläkertsi and Alakertsi if you are organizing an event in late 2020. The Foundation has reserved a notable additional budget to support associations in event space rents in case that KY Building’s premises won’t be in use after the summer. Instructions for applying for rental space support will be published at a later date.
The KY community will be informed of any significant developments.