The Latvian company SIA "PR20" has acquired an unfinished construction project in Riga at Prieedaines Street 20 for €2 million with the aim of developing a modern building with rental apartments. The total investment in the project is planned to be around €11 million.
The property has been acquired from SIA "Prana Property," a subsidiary of the Estonian bank AS "Coop Pank."
"This is a project that simultaneously addresses two important issues — to restore a long-degraded area and to create quality and affordable rental housing," noted the board member of SIA "PR20," Marģers Dobrais.
The property at Prieedaines Street 20 has been in an unfinished and neglected state for several years. The developer plans to completely renovate the building, creating around 130 modern and fully furnished rental apartments. The project is primarily aimed at young professionals and young families, offering competitive rental prices.
The developer already has experience in improving urban environments, including the renovation of long-abandoned buildings. One of the latest completed projects is located at Lielirbes Street 9A.
"The renovation of such properties significantly improves the urban environment. The project on Lielirbes Street confirmed that such solutions find support from the community and have economic justification," added Dobrais.
The demand for quality rental housing in Riga has been growing in recent years in line with market trends — more residents are choosing to rent due to flexibility and mobility. At the same time, supply remains limited, especially in the segment of professionally managed and fully equipped apartments.
The implementation of the project will be carried out in cooperation with the Riga City Council and other institutions, taking into account the city's development priorities. At the same time, the adjacent public area will be improved, creating an organized and safe environment.
The management of SIA "PR20" has previously implemented several projects in Riga, including on Lielirbes Street 9A, Skolas Street 13, Terbatas Street 20A, Dzirnavu Street 63, Latgales Street 140, and Miera Street 23, as well as an affordable rental housing project in Cesis at Lachu Street 9.
Technical and author supervision of the project will be provided by SIA "CMB inženieru kompetences centrs," and construction work is planned to be entrusted to SIA "Anzāģe."
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