K64 - a new vision for the future

The area around Keflavík Airport, Suðurnes in Icelandic, is a unique place with unique opportunities. The proximity to the country's largest passenger and cargo airport, first-class port facilities, access to green energy and a diverse and populous community of hard-working people create possibilities that are hard to find elsewhere.

2019 marked the beginning of a new chapter in Kadeco´s history. Since then, the Icelandic state, Isavia, the airport operator, and two municipalities, Reykjanesbær and Suðurnesjabær, have worked together on a comprehensive strategy and vision for the area around Keflavík Airport.

The plan is based on the cooperation of municipalities and interested parties and calls for the coordination of ideas and plans in order to create an attractive and viable society. An environment that transforms the airport area into an integrated development zone with the opportunities such close cooperation brings.

The plan promotes airport-related activities and prepares the area for growth with attractive residential areas, educational opportunities, diverse culture and services. The implementation of the development plan also creates a welcoming and memorable arrival experience for arriving passengers to Iceland, a reliable connection between the airport and capital area and an attractive environment for the residents.

In order to avoid wasting the opportunities, it is proposed to focus on the development of a limited number of areas that affect density and value creation. These areas will be connected by landscaping and diverse modes of transportation, thus forming a cohesive archipelago. Keflavík Airport is at the heart of the economic activity, but the opportunities vary in each location.

Emphasis is placed on areas that offer experiences and unique economic opportunities.

• Helguvík-Bergvík harbour site will be transformed into an ecological industrial park, the first steps of which have already been taken.
• The forecourt of Keflavík Airport will be given the role of a business center with hotels and facilities for airport-related services.
• Aðalgata CBD connects the municipalities and becomes a development cluster where the community and diverse business opportunities develop in harmony with the community.
• Ásbrú residential and R&D will become a dense and diverse neighborhood with different living and working opportunities.

Stating the economic impact of work that will not be completed until decades from now is impossible but we assume that approximately 400,000 m2 of land will be developed until 2050 and that at least 130 billion ISK (€ 1 billion) will be used for this development until 2050. The development will generate 4,900 permanent jobs, income of the residents will increase, as will tax and rental income of the municipalities.

To keep track of all these different projects and to differentiate from Kadeco's previous activities, we thought it appropriate to create a new brand that reflects the uniqueness of the area and its potential. The philosophy and uniqueness is so closely related to the location that we felt it was right that it dominates this new name. The southern headlands are at the 64th degree of latitude. The location creates an advantage for Keflavik airport and the area connecting Europe and America. The K refers to the airport, the development company and several natural wonders in the area. Hence K64.

This is an ambitious plan and an attractive vision for Suðurnes, the airport and Iceland. We at Kadeco and K64 look forward to tackling future projects the local communities, investors or any interested parties looking towards the future of airport area development.

The author is the managing director of Kadeco