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Icelandic Academy of Arts no longer on Hold

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Icelandic Academy of Arts no longer on Hold

Since last fall, the building of Iceland Academy of the Arts has been on hold, but now things are looking better.

Laugavegur. Copyright: Icelandic Photo Agency.

“The company that owns the lots at Laugavegur and Frakkastígur, Vatn og land, wants to continue our cooperation, and build the Academy there,” rector Hjálmar H. Ragnarsson told mbl.is. Some pension funds have shown interest in financing the project.

A while ago, the Academy made a deal with the Ministry of Education regarding annual contributions to the building, and Ragnarsson says that the next step, now that new people are at the helm, is to get confirmation that this contract is still valid.

The school had made a contract with Samson Properties regarding the exchange of lots. The latter would get a lot that the School had been given in Vatnsmýri area, but the Academy would in return acquire the lots at the corner of Laugavegur and Frakkastígur. Samson Properties intended to build the house, own it and rent to the Academy, but the contract with the government was meant to also be enough to pay the rent.

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