Work on building the largest industrial park in the Baltic States, Dominante Park, will begin in June of this year in the Íekava Parish, right alongside the Via Baltica highway. It will be the first such park in Latvia to satisfy all A class industrial requirements.
Dominante Park
Dominante Park will be located on the side of the Via Baltica highway (A7/E67), not far from the Rîga ring road (A5). 65 hectares of land will be used for the project, and they are located just 20 km from Rîga the geopolitical and business centre of the Baltic region.
The first phase of the building project will involve the construction of 35,000 m² of manufacturing and warehouse facilities. Eventually this will expand to 250,000 m² of such facilities. Work on the first phase is to be completed by December 2006. Total investments will amount to approximately €100.7 million. Financing for the project is provided by Hansabanka, and the blueprints for the project have been drawn up by architects from the 'ARHO' firm.
"In the Baltic State must be a project which takes on the role of the flagman so as to help companies to pursue market opportunities and to satisfy all market demands over the next 15 or 20 years. We are very pleased that we are taking part in the Dominante Park development from the very beginning, and we are prepared to adapt our international experience to the needs of the Baltic region so as to increase the level of development to a truly competitive height," says Baltic partner for Colliers International, Mihails Morozovs.
"We understand that we are undertaking enormous responsibilities in working on a project of this scope total investments will amount to approximately €100.7 million. Before drafting the concept for Dominante Park, we studied the most distinguished and most modern industrial parks in Central and Eastern Europe, focusing on the best solutions, the ones which are most appropriate for Latvia. Consultations were offered by the distinguished Burksgreen architectural firm, which is the best architectural firm in the design of industrial parks in Great Britain. It has extensive experience in this particular segment of the real estate market," says SIA 'Roòu ieleja' board member Arnolds Koòevòikovs. SIA 'Roòu ieleja' was established specifically to handle the Dominante Park project.
"I am very pleased that the largest A class industrial park in the Baltic region will be built here in Latvia. There is a great deal of demand for high-quality and conveniently located industrial facilities with a developed infrastructure. Latvia is beginning to develop new 'greenfield' parks, which demand greater investments than reconstructed 'brownfield' parks. I think that the construction of Dominante Park will represent a significant investment in Latvia's economic development, because it will make it possible for international companies to enter the Latvian market and to receive high-quality logistical services," says the chief of staff to the Latvian economics minister, Guntis Gûtmanis.
"Dominante Park is a major project, and that is why it was important for the developers to attract an experienced source of financing. Hansabanka is Latvia's leading bank, and the experience and qualifications of our employees allow them to be good partners in working on such a major project. The new industrial park will resolve a problem that is important in the manufacturing sector at this time a shortage of high-class facilities and technologies," says the director of Hansabanka's Corporate Services Department, Valdis Mitenbergs.
Source: Colliers
