A Quarter in the Historic Centre of Riga Reborn: Construction of the Second Premium Class Apartment Building at Baznicas Street Started

The quarter in the central part of Riga City, at Baznīcas Street section between Lacplesa (Lāčplēša) and Gertrudes (Ģertrūdes) Streets, is brought to life in a new shape, combining the best historical building traditions of Riga with the latest world trends in urban development. The first successful apartment building project, the Club Central Residence, has its continuation: construction of the second, 28-apartment building, scheduled for completion in August 2018, has been started.

Real estate news

This is a unique revival project of the quarter in the historic centre of Riga, not only due to its ambition and architectural design, but also the fact that no such projects meeting the highest real estate property standards have lately been developed in the central part of the capital city.

By implementing the Baznīcas Street quarter revival project, the gain will be not only a quarter aesthetically fitting into the urban environment and in harmony with the nearby St Gertrude Church, Art Nouveau and eclectic buildings, but also publicly available facilities.

The construction of the second building of the Baznicas Street quarter has just started. By August 2018, a building will appear on the corner of Lacplesa and Baznicas Streets whose architect and author of the interior is SZK/Z SIA, with its lead architect Ugis Zabers (Uģis Zābers), also known for other high quality and exclusive property projects, such as the Legend quarter in Bulduri, Jurmala, which received the title of the best building in Latvia. 

Real estate newsThe facade of the building, through similar architectural solutions and colour range, using glass and other quality and environmentally friendly solutions, matches both the aesthetic dynamics of the entire Baznicas Street and the first building of the project, the Club Central Residence. The finishing materials and interior elements have been selected in line with the modern top class comfort level to organically fit into the convenient and comfortable layout of the apartments.

The total area of the Lacplesa Street 11 building is 3,929.52 m², with seven surface levels and one basement level housing a car park. The building will have 28 apartments: 12 of them two-room, 10 three-room and 6 four-room, with commercial premises on the ground floor. Apartment prices in the new building are projected from 3,500 EUR/m².

The project is developed by Axi Invest SIA, with construction works performed by LNK Industries AS, one of the most recognised representatives of the construction sector and the Baltic leader in planning and implementation of ambitious industrial and construction projects, which also helped the nearby Club Central Residence building happen.

The apartments will be sold by Baltic Sotheby`s International Realty, the leading premium segment real estate company in the Baltic states.

We already informed that in the first top comfort 20-apartment building, the Club Central Residence, which uniqueness and compliance with the world’s best standards was awarded the prestigious International Real Estate Federation (FIABCI) award Baltic Prix d’Excellence as the best new project in the premium segment in the Baltic states, were sold out within one year’s time. The contracting entity of the project was Kappa Capital SIA, which raised the necessary project financing through its parent company Expobank AS. The construction costs reached EUR 2.2 million, the contracting entity’s acquisition costs of the land plot for the project not included.

Real estate news

"We start the implementation of the second stage of the Club Central Residence project with great enthusiasm and at the same time sense of responsibility. The awards received for the first multiple apartment building of the project and the buyers’ appreciation is the highest appraisal of the work accomplished so far, giving inspiration for the way forward. We have contributed huge efforts so that the second premium class building of this quarter respects both the unique surroundings with the superb art nouveau buildings and the high requirements for comfort and quality of life of the future apartment owners," commented Gints Cakans (Gints Čakāns), representative of the project developer Axi Invest SIA

"The project is unique in that it is located in the historic centre of Riga, which is attractive for buyers of quality top class housing. Its location is excellent: although being in the city centre, Baznicas Street provides privacy and peaceful living conditions. We are honoured to work in partnership with professionals of our industry who, like us, have an objective of ensuring higher quality standards in the area of real estate property," said Vestards Rozenbergs, owner and Chairman of the Board of Baltic Sotheby`s International Realty.

"Baltic Sotheby`s International Realty" analysis: Premium rental market stable but tenants have leverage



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