VPH real estate developer has commenced construction of a new commercial park within the territory of Riga Milk Production Plant in Riga, Valmieras Street. The total investment fund reaches EUR 40 million.
As part of this project it is planned to develop not only commercial areas but also offices, catering sector, a kindergarten, a sports and health centre and other services.
VPH is currently one of the biggest real estate developers in Latvia. Among this company’s projects are SĀGA supermarket, the shopping mall in Ziepniekkalns (Valdeķu Street) with LIDL as its main tenant, Mežciems shopping mall, as well as this year’s opened world class hotel Hampton by Hilton near Riga International Airport.
In May 2022 with aid from Rietumu Banka it was possible to acquire 4.7 ha territory on Valmieras Street 2 previously owned by Riga Milk Production Plant.
This territory is located between two of Riga centre’s most active traffic arteries – railway and Valmieras Street. Developers plan to finish the plan by mid-2023, commence construction and festively open the complex in the second half of 2024.
The concept of the project is under development by some of the biggest European architect teams – TP Bennett from Britain. This firm has wide experience in planning large commercial territories. TP Bennet previously assisted with the development of the concept for Sāga shopping mall. There are multiple buildings with cultural and historic value on Valmieras Street. Their charm and value is maintained and will be used in synergy with the buildings planned to be built there. Architects from DUAL architects bureau also participate in the development of the new commercial park. The team has experience working on multiple projects headed by VPH Group.
LLC InSign will be in charge of attracting tenants and different management-related topics. Talks with potential tenants have already commenced. Approximately 20 000 m2 will be customer-focussed.
Cobalt will be providing legal assistance for this project.