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The territory of the Sports Palace quarter will be developed by Estera Development

The real estate developer “Estera Development” has purchased the territory of the former hockey arena Riga Sports Palace from the Estonian company “US Real Estate”, where it plans to develop a residential building.

The transaction amount is not disclosed.

The property consists of six plots of land between Tērbatas, Krišjāņas Baronas, Lielgabala and Artillerijas streets.

The information in the Land Registry shows that on May 27, SIA “Estera Sporta pils” purchased two plots of land at 75 Krišjāņa Barona Street for 150,000 euros and 1,425,823 euros from SIA “Centra attīstības uzņēmums” SIA.

“Estera Development” plans to build a total of six high-rise buildings with more than 700 apartments for the middle market segment. For now, “Estera Development” does not reveal the investments planned in the project.

Ulo Adamsons, co-founder and executive director of “Estera Development”, states that the developer sees great potential in the currently underserved Riga residential building market. The development of the Sports Palace quarter creates the potential for another 700 apartments in the very center of Riga, increasing the project portfolio of “Estera Development” in Latvia to 3,000 apartments.

“Estera Development” is a Latvian residential real estate developer with Estonian capital, which started operating in Latvia in 2016. Since then, “Estera Development” has built and sold more than 400 apartments in two projects – “Liepziedi” and “Tuvidi”. This year, the implementation of the “Tekstiliana” project has started, but at the end of the year, it is planned to start the pre-sale of the “Mākoņkalns” project of “Mākoņkalns”, the largest so far.

The registered capital of “Estera Development” is 1,011,937 euros, the owner of the company is the Estonian company “Estera Development”. In 2020, “Estera Development” worked with a turnover of 249,959 euros and made a profit of 59 euros.

Sports Palace was demolished in 2008 in order to build a business zone, but the project has still not been implemented.

The Estonian “Rotermann Group” bought the Riga Sports Palace in 2007, acquiring the capital shares of SIA “Centra attīstības uzņēmums” and SIA “Projekts DM” owned by the daughters of Andras Šķēles. The amount of the transaction was not disclosed, but information was provided that more than 100 million euros are planned to be invested in the project.

Currently, the territory is home to “Sporta pils dārzi” – a non-profit project created by residents of Riga with the aim of opening up the currently unused area of ​​the Sports Palace and making it available to the citizens. In the intermediate stage of the territory’s development from 2020 to 2023, there will be 150 small city gardens available for rent, as well as flower meadows for various cultural and educational activities.

The idea of ​​the project is to promote the self-organization and participation of Riga residents in the improvement of the city, to create a healthy lifestyle-promoting and enjoyable environment, as well as to provide a contemporary way and place for spending free time., LETA, 27.06.2022

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