Iceland Academy relocates future facilities to Skólavörðuholt in Reykjavík, saving billions in costs

The Iceland Academy of the Arts has decided to relocate its future facilities to Skólavörðuholt in Reykjavík, abandoning plans to move into the Tollhouse on Tryggvagata. The school’s rector, Kristín Eysteinsdóttir, emphasized that this decision could save billions of Icelandic króna.

Originally, the plan involved moving the academy’s activities to the Tollhouse, which would have required substantial renovations, including tearing down about 4,000 square meters of the building and then rebuilding. This process would have caused significant disruptions.

Kristín Eysteinsdóttir noted, “The deeper we delved into the work regarding the Tollhouse, we began to see a certain scenario emerging that was primarily about costs.” She expressed the importance of recognizing the reality of the situation and pointed out that the Skólavörðuholt location was not offered at the time the Tollhouse was chosen.

The new plan means that the academy will move into new premises much sooner than initially expected. The total cost is set to decrease by about half, resulting in an estimated savings of 10 billion króna.

To accommodate this relocation, an additional 5,000 square meters will need to be constructed at the Technical College, which is set to move its operations to Hafnarfjörður. The target completion date for the new building is 2029, at which point the academy could transfer to its new home.