Apple looks to sell Stockholm property following prolonged public outcry over flagship store plan

“As the sun sets on plans to transform a historic park in Stockholm with the addition of a flagship Apple store, Apple is now looking to unload the property it planned to occupy and distance itself from the project, according to a new report from Swedish publication Fastighetsvärlden,” Michael Steeber reports for 9to5Mac. “Last October, new Stockholm City Council leadership vowed to halt Apple’s retail plans for Kungsträdgården, one of the oldest and most respected parks in Stockholm. Designed by architects Foster + Partners, the store was destined to replace an existing TGI Fridays with a glass and stone pavilion anchoring the entrance to the public square. Swedish officials and citizens scorned the move as an attempt to privatize public space and commercialize a revered landmark in Stockholm.”
“Looking to recover well over three years of lost time and funds sunk into the project, Apple is now looking to sell the TGI Fridays site back to the city of Stockholm at a significant premium, today’s report notes,” Steeber reports. “Stockholm Urban Development Committee member Björn Ljung claims Apple is seeking SEK 179 million (roughly $19.3M USD) for the property, a significant increase over the SEK 129 million ($13.9M USD) [for which] the plot was originally purchased.”
“Part of the increased price tag may be due to ill will between Apple and the city following a multiyear public turmoil,” Steeber reports. “After first showing off models of the proposed store in February 2016, Apple and Foster + Partners made significant design revisions after the building was deemed too large and intrusive to the park environment. Outgoing Retail SVP Angela Ahrendts was said to be personally involved in negotiations.”
Read more in the full article here.
MacDailyNews Take: You know, because a TGI Friday’s isn’t a privitization of a public space and a commercial enterprise.
The plot’s current occupant – a branch of TGI Fridays. (photo: Roland_Lundgren/Getty Images/iStockphoto)
SEE ALSO:
Stockholm says no to Apple ‘town square’ in its oldest park – November 1, 2018