“Estera Development” to invest EUR 120 million in the Sporta pils area and begin construction next year

“Estera Development”, the developer of the Sporta pils territory, plans to start construction of the first building of the residential quarter "Tērbatas dārzs" on Tērbatas and Lielgabalu streets in the first quarter of 2025. Overall, more than 120 EUR million will be invested to create a modern residential quarter offering A+ energy-efficient apartments with a focus on sustainability. Reservations for the apartments have been open since mid October and anyone interested can apply for a reservation on the developer's website.

In May 2022, “Estera Development” acquired the site of the former Riga Sporta pils from its previous owner. The new developer intends to transform the site into a modern residential quarter "Tērbatas dārzs", which will add 800 new apartments and commercial premises to Riga's urban environment. A total of six seven-storey buildings are planned, with the ground floors dedicated to commercial activities such as cafes, restaurants, and beauty salons. In addition, a supermarket is planned in one of the corners of the quarter, at the intersection of Artilērijas and Krišjāņa Barona streets, providing a convenient infrastructure for residents. The other five buildings in the area are planned to be built in phases, between 2026 and 2032.

The development of the entire block is based on a unique green courtyard concept developed by “Labie Koki” specialists, ensuring that the project fits harmoniously into the urban environment and offers green solutions. This concept will give residents the opportunity to cultivate their small gardens right in front of their homes. A rainwater harvesting and utilisation system will also be set up to water the landscaped courtyards. The courtyard of the block will be walkable for all pedestrians.

"It is important for us to continue the green tradition started by the “Sporta Pils Dārzi”, thus we will keep some of the gardens so that apartment owners do not have to choose between the city and the green environment. We want the quarter to form a modern housing block, respecting the history of the area and offering residents a place for a new community," about the new project says says Ülo Adamson Co-founder and CEO of “Estera Development”.

The residential buildings of "Tērbatas dārzs" will use high-quality finishing materials and panoramic windows. All apartments will integrate smart home solutions, allowing owners to manage and adjust the settings of heating, ventilation, and other systems to their needs using a smartphone.
The first building of "Tērbatas dārzs", which is planned to be completed by the end of 2026, will have apartment prices ranging from 3,400 EUR to 4,500 EUR /m². The building offers a wide range of apartments, from one-bedroom studios to five-bedroom penthouses with roof terraces. The cheapest apartment can be purchased for less than 85,000 EUR, and special discounts are available to first buyers who reserve before the start of construction.

The project is being developed by internationally recognised Estonian and Latvian architects Kadarik & Tüür and Mark Arhitekti. Their collaboration ensures innovative solutions and high architectural quality, creating a modern and visually appealing residential quarter.

The interior design is made by Latvian designer Elīna Jukuma, who has gained international experience working in London. Her interiors are distinguished by elegance, functionality, and high-quality materials.
“Estera Development” has completed several projects in Latvia and Estonia. In Latvia, a premium project with 64 apartments - "Tekstiliāna", which revitalises the Torņkalns neighbourhood, as well as middle-class apartment buildings "Liepziedi" in Mīlgrāvis and "Tuvidi" in Balozi have recently been completed.

About “Estera Development”

“Estera Development” is a Latvian real estate developer with Estonian capital. "Estera Development has been operating in the Riga market since 2016 and has built 500 apartments during this period. So far, the company has completed new projects in Latvia such as the just completed premium project "Tekstiliana" in Torņakalns, as well as "Tuvidi" in Balozi and "Liepziedi" in Mīlgrāvis. In recent years, the company has accumulated a stock of land properties in Riga and its surroundings, which will allow for the future construction of more than 3200 new apartments.