Stockholm City invests EUR 1 billion to develop surrounding areas to the New Karolinska Solna University Hospital

The Stockholm City Council has decided to develop the Norra station area surrounding the New Karolinska Solna University Hospital. Development starts 2010 and is planned to be completed by 2015.

"This will be a truly dynamic and exciting environment for close collaboration: A medical university, a completely new university hospital, and facilities for industry as well as research institutions with a commitment to world class research and development for health and medicine”, say's Lennart Persson, Managing Director of the New Karolinska Solna Administration of the Stockholm County Council.

The development of the Norra station area is a joint effort of Stockholm City, Solna City, Stockholm County Council as well as research institutions and private initiatives. The project will join the two cities of Stockholm and Solna in a new area with about 5 000 new apartments as well as offices and work-space for research and development.

The new development is to be built by covering the E4/E20 highways as well as local railway tracks.

"This will be a new part of the city that links Stockholm to Solna across what is today a barrier between the two. The link will provide important research environments as a natural part of the urban city and contribute to the dynamic regional development. This will be valuable not only for Stockholm but also for the whole of Sweden", say's Sten Nordin, Mayor of Stockholm.

The investment for Stockholm City will amount to approximately EUR 1 billion. Future sales of property is estimated to bring in about EUR 800 million.