Former 'Sporta pils' area construction to start 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," said a release from  Estera Development which acquired the site in May 2022.

The new developer intends to transform the site into a modern residential quarter which will add 800 new apartments and commercial premises to Riga's urban environment. A total of six seven-storey buildings are planned, with a supermarket at the intersection of Artilērijas and Krišjāņa Barona streets.

However, construction will take a considerable time with buildings planned to be built in phases, between 2026 and 2032 – a full ten years after the site was sold.

"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 utilization system will also be set up to water the landscaped courtyards. The courtyard of the block will be walkable for all pedestrians," promises the developer.

Concept images do show the future residents diligently tending to their raised vegetable patches with watering cans. Only time will tell whether the well-heeled apartment owners are indeed willing to get their fingers dirty.

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 – so .

According to recent market analysis by Arco real estate, the average price of a new-build apartment in Rīga is currently 2,298 EUR/m² on average and 2,861/m² in central districts, so the "Tērbatas dārzs" project is definitely at the high end of the market.

Nevertheless, the developers say "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 Estonian and Latvian architects Kadarik & Tüür and Mark Arhitekti.

“Estera Development” is a Latvian real estate developer with Estonian capital. It has been operating in the Riga market since 2016 and has built 500 apartments during this period. It says it has accumulated a stock of land properties in Riga and its surroundings, which will allow for the future construction of more than 3,200 new apartments.