The Department of Urban Development of the Riga City Council has issued a permit to begin the reconstruction of the historic Riga power plant on Andrejsala, which after renovation under the brand "The Powerhouse" will become a center for entrepreneurship and recreation as part of the "Riga Waterfront" project, the developers of the project – the company "Eagle Hills Properties" – informed the LETA agency.
According to the project, it is planned to restore the historic building, equipping it with publicly accessible internal and external spaces, as well as improving the adjacent area. The completion of construction work is scheduled for 2028.
The developers informed the LETA agency that they currently cannot specify the volume of investments in the construction of individual buildings of "Riga Waterfront," as contracts with contractors are still being finalized. The total investment in the "Riga Waterfront" project will exceed three billion euros.
The building "The Powerhouse" is envisioned as the development center for the "Riga Waterfront" project, which will create a multifunctional center for entrepreneurship, trade, gastronomy, and recreation in the historic building of the Riga power plant. Special attention is being paid to preserving authentic historical elements during the restoration process, so that the building retains its cultural and historical value.
The architectural team for the restoration of the power plant is led by Frits Vilnis.
As previously reported by the LETA agency, the entrepreneur from the United Arab Emirates and head of "Eagle Hills Properties," Mohammed Ali Alabbar, plans to create a residential environment for 30,000 people as part of the "Riga Waterfront" project.
The founder and chairman of the board of "Eagle Hills Properties," Alabbar, notes that the goal of the "Riga Waterfront" project is to "develop and revitalize Latvia and its capital Riga, positioning it as a new center of Europe."
With a total planned investment of three billion euros, the updated coastal area, stretching five kilometers along the Daugava River, will be created with the aim of transforming the Andrejsala area into a new center. The project is conceived as a new and significant urban planning hub for Riga, combining residential buildings, green spaces, and direct access to water.
As part of the project, it is planned that more than 30,000 residents will live in approximately 8,000 housing units. The construction of hotels with more than 1,000 hospitality offerings, ice rinks, a modern cruise terminal, a large shopping center, and public spaces is also planned. According to the project, the area of the old power plant will be transformed into a trade and gastronomic center.
Representatives of "Eagle Hills Properties" note that investments in the development of the project open up the opportunity to obtain residency in Riga, and starting from investments of 250,000 euros, one can gain advantages under the European Union residency programs.
