Refurbishment of the Vilnius Palace of Concerts and Sports now a project of "national economic importance"

The Lithuanian Government has announced it will recognise the refurbishment of the Vilnius Palace of Concerts and Sports as a project of national economic importance. 

The building was built in the the Lithuanian capital’s Zirmunai district in 1971 during the Sovietisation of the area. It was primarily used for volleyball and basketball tournaments, and was capable of holding 4,400 spectators. It closed in 2004 and has since remained disused. 

According to Lithuanian Prime Minister, Algirdas Bukevicius, the government’s goal is to turn the building into a a new centre for congresses, conferences and culture events. He believes refurbishing the Palace of Concerts and Sports would revive a historically important building and also contribute help develop Lithuania’s competitiveness in business tourism. 

Lithuania’s Finance Minister, Rimantas Sadzius, added the European Commission would be addressed in order to find out how much the Lithuanian state would have to contribute to the refurbishment. 

Based on a feasibility study, the work on the building could cost up to 20 million euros. 

It is yet to be agreed when it will be bought from its current owner, investment company UBIG. 

The government will meet on June 9 2015 to discuss giving state-owned real estate renewal company, Turto Bankas (Property Bank), the contract for the refurbishment.

It is estimated after the building has been updated to accommodate conferences, seminars, cultural events and concerts, it will bring a revenue of 110 million euros within 15 years. 

The reconstruction is scheduled to begin in 2016 or 2017, with a view to opening in 2018.