The real estate investment company VILIA has started construction of the biggest new residential building in the historical centre of Riga, on Dainas Street. The first inhabitants of the new house will be able to move in at the beginning of 2023.
The cost of construction of the new house reaches 14 million euros. Rietumu Bank's financing for the project amounted 6.9 million euros.
“The Dainas Street house project is a challenge, both in terms of the special building conditions in a particular area and in terms of construction and finishing solutions. We are therefore honored that in cooperation with Rietumu Bank we will be able to create the biggest, highest quality residential building in Riga's historical centre,” says Edgar Ivanov, head and co-founder of VILIA.
Arthur Juksh, head of Rietumu Bank Landing Department, stresses: “We are considering many interesting projects for financing in the Baltics, and the house on Dainas Street is certainly one of them. It is located in a promising area of Riga city centre, very close to one of the city's most beautiful parks, Ziedondarzs. The new house also has many advantages from an architectural and technical point of view; it blends in with the surrounding architecture, at the same time creating a modern and comfortable environment. We were very pleased to work on this project because its creators have excellent experience in the real estate market, and it shows that the market continues to grow and develop”.
Construction of the house started in the summer of 2021 and will continue for 15 months. The basement as well as walls, columns and ceilings of the and ground floor have now been finished. The frame of the whole building is expected to be built in the spring, and then masonry work for the exterior walls and windows will begin. The project is planned to be commissioned early next year.
Dainas Street is located in the historical centre of Riga with its specific rules for development of residential buildings. A lightweight, light-coloured cement composite material with partly embedded dark stone cladding elements will be used for the facade of the building, The design of the house reflects a balanced compromise between the historic buildings in the area and the latest trends in architecture. The building will have large windows that will provide ample sunlight in all flats.
The new building on Dainas Street will have a total floor area of 9 969 m2, of which 6 850 m2 will be available for rent. There will be 114 flats of one to four rooms in the new building, with a well-thought-out layout and high-quality finishes. Residents of the building will be offered 34 underground parking spaces and storage areas, as well as a landscaped courtyard with specially equipped areas for children.
The building is being built in an area with a convenient and well-developed infrastructure – public transport, car parks, and a convenient location that can easily be reached from any part of city centre on foot or by bicycle. At the same time, its residents will be able to enjoy all the benefits provided by the centre of Riga – shops, schools and kindergartens, cafes and restaurants, parks for walking and recreation.
The house on Dainas Street is located in a quiet place and is surrounded by existing houses that will suppress the city noise. Another advantage for the residents will be the fact that it will be possible to enter the house only through the courtyard.
About
VILIA
VILIA is currently working on the development of four properties in Riga. Apart from the Dainas Street house, the Hoffmann Rezidence residential building on Kugu Street is being renovated. The building at 69 Krisjana Barona Street, which is currently being rebuilt as the Hallo office building, is scheduled for completion this autumn. In turn, the largest office and warehouse complex in Riga is planned to be built on an area of more than three hectares on Lubanas Street: the Stock Office complex, which will combine retail space as well as office and warehouse premises with a total area of 13 500 m2. The total investment of these four projects exceeds 40 million euros, and the investment portfolio is set to double in 2022.
Nākotnes Atbalsta fonds (Future Supporting Fund), founded by Rietumu Bank, donated three oxygen therapy concentrators to Jurmala Hospital. Such devices are used to treat various respiratory diseases, including complications of Covid-19.
