After years of economic slump, there seems to be more optimism in the real estate market in the Reykjavík area. The town of Kópavogur has big plans for the area south of Smáralind shopping mall. There are already two towers north of Smáralind, Smáratorg 3 (20 floors, 76 m) is the tallest building in Iceland and North Tower is under construction and will be 15 floors.
The new tower south of Smáralind would be 32 floors and 115 meter tall. The 6th tallest building in the Nordics. No design has been revealed but the plan for the area was approved in 2009 and there are no apparent legal obstacles that would stop this. According to the town authorities, there is a group of investors interested in the lot.
In this picture, the proposed tower is slightly to the right of center while Smáratorg, the current record holder, is just beneath the top of the image on the left side. There are other proposed buildings in the 8-15 floor range on this picture.