The Latvian state will auction the building on Theater Street in Old Riga again. The tower of the building is adorned with a sculptural composition of three atlantes holding a globe on their shoulders.
The property consists of a land plot of 435 sq. m and a five-story building with an attic, with a total area of 1891.4 sq. m. The starting auction price is €2.71 million.
The property is located at 9 Theater Street — an eclectic decorative building in the Art Nouveau style, which was owned by the bookseller and antique dealer Karlis Jakob Zihmanis. The building was constructed in 1903 and commissioned in 1912.
The facade is adorned with characteristic decorative elements of eclecticism — motifs of shells and floral garlands, several atlantes supporting a protruding balcony, as well as mosaics. The corner tower of the building is highlighted by a composition of three atlantes created by sculptor August Foltz, on whose shoulders rests a globe illuminated at night.
In the Soviet year of 1989, the building was renovated, and most of it is in good or satisfactory technical condition. Since 1992, the building has housed the Embassy of Italy.
At the previous auction, which ended in October last year, the building was already sold for €2.72 million. The starting price at that time was also €2.71 million. However, the deal was not completed, so the atlantes are being sold anew.
Currently, the building belongs to the State Property Agency, the sole owner of which is the Ministry of Finance.
"Of course, by selling this building, we are also selling its uniqueness — both as an architectural monument and as a location, considering its central position. We have always seen it as an office building. But now this view may change as the demand for apartments is higher. We see that this is the kind of interest investors are showing — the development of luxury apartments. Therefore, the building may have a new direction for development," the sellers from the State Property Agency praise the item.
