LASCO Investment finishes development conception of business center Daugava (LV)

Real estate investment management company SIA LASCO Investment informs that the development plan conception for the business center Daugava and its adjacent territory at 3 Balasta dambis, Riga, has been finished in collaboration with architect Larry Oltmanns, who represents architecture office "Vx3", and international real estate consultation company Cushman & Wakefield.


The investments in the first stage are estimated at up to €60 million.

The conception was developed following the Real Estate Investment Development Strategy of SIA LASCO Investment for 2009 – 2014, whose main objective is effective management of assets, creating maximum added value for shareholders.

In accordance with the conception, the business and public areas of this territory will be developed gradually, i.e. in four stages, in the time period of 20 years. In the first stage of the development conception, it is planned to build a hotel – conference center and office buildings. The planned total floor spaces of these objects are as follows: the hotel – 13,000 m²; the office buildings – 30,000 m². In addition, the hotel will have a 100-space parking lot, the office buildings – a 400-space parking lot.

In the subsequent stages, further development of the office park and the construction of a residential building complex are planned. Each subsequent stage will be commenced after the objects of the preceding stage will have been commercialized. The total planned building space is estimated at up to 170,000 m², the area of the territory is 56,645 m². The existing building complex will be taken down.

The Riga City Architect's Collegium, reviewing the development conception for the territory at 3 Balasta dambis, Riga, has acknowledged that its conceptual solution basically conforms with the Daugava left bank planning and spatial structure development conception, taking into account the heritage value of the historical centre of Riga and the opinion of the UNESCO World Heritage Committee. Further development of this territory will also be carried out in close cooperation with the responsible authorities of the city of Riga.

The Management Board Chairman of "LASCO Investment" Raitis Nespors noted: "Assessing the development perspectives and asset value increase potential for the business center Daugava and its adjacent territory, a decision on the development and commercialization of this territory was taken. Presently, for the first stage, there are plans to build a 4 star hotel with 200 rooms and a conference centre, involving an international hotel chain operator in its management, and two office buildings. Taking the next step, we have announced the first stage preliminary design competition for architects. The investments in the first stage are estimated at up to €60 million."

Source: LASCO

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