Investments of 100 million are planned in the development of the territory of the former Sports palace quarter
The developer of the former Sporta Pils territory, SIA “Estera Development”, has announced a construction tender for the first 152 apartment houses of the new residential block named “Tērbatas dārzs”.
And in June 2024, an architectural competition for the next stages of construction will be announced. At the end of the entire development process, after investing more than 100 million euros, the territory of former Sporta Pils will become a new residential block with a total of 800 apartments of the middle market segment, located in six seven-story apartment buildings.
The task of “Estera Development” will be to develop a new city block with equal respect for history, as the former Sporta Pils district is one of the last large and free areas allowed to be developed in the UNESCO-supervised historical center of Riga. The idea of urban gardens will also not be forgotten – the entire development of the block is based on a unique concept of green courtyards, developed by “Labie Koki” greening specialists, giving residents the opportunity to engage in small gardening hobbies right next to their homes within the framework of the residential project. Sustainable rainwater solutions that collect and use rainwater for patio irrigation will also be implemented to make such plans a reality.
“Tērbatas dārzs” apartments will be a collaboration with Estonian and Latvian architects – Kadarik&Tüür and Mark Arhitekti. They will be A+ class energy efficient and sustainable properties. Smart home solutions will be integrated into all homes, with the help of which the owners will be able to manage and adjust the settings of the heating, ventilation, electricity and other systems in the home using their smartphone.
Considering that the property to be developed consists of six plots of land between Tērbatas, Krišjānas Baronas, Lielgabala and Artilērijas streets, “Tērbatas dārzs” will not only be new apartment houses. The 1st floor of the block building will be filled with commercial spaces – a large grocery store, cafes, restaurants, beauty salons and other services.
Ülo Adamson, co-founder and CEO of “Estera Development”: “We appreciate that it is “Estera Development” that has the opportunity to develop this plot of land and build a modern residential fund there, which will at the same time offer to implement a unique concept of green city life. This means that residents will not have to choose between the presence of nature and life in the city. They will have both.”
The construction of the first house of “Tērbatas dārzs” is planned to start in the second half of 2024, and the first residents could receive the keys to the new apartments starting from 2026. The development of the entire project is planned within six to eight years.
The project implementer SIA “Estera Development” is a Latvian real estate developer with Estonian capital. “Estera Development” has been operating in the Riga market since 2016, and 500 apartments have been built during this period. So far, the company has implemented such new projects in Latvia as the recently completed premium project “Tekstiliana” in Torņakalns, as well as “Tuvidi” in Baloži and “Liepziedi” in Mīlgrāvis. In recent years, the company has accumulated a land property fund in Riga and its surroundings, which will allow the construction of more than 3,200 new apartments in the future.