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Building permit received for «Preses nams quarter» in Riga

Building permit received for «Preses nams quarter» in Riga

The Riga City Construction Board has issued a building permit for the construction of the 1st phase of the new Preses Nams quarter.

In the first development phase of the project, a modern Class A office centre is planned to be built, as well as a commercial area with the first rooftop football field in the Baltics and a Holiday Inn hotel, which will be the first InterContinental Hotels Group (IHG) hotel in Latvia.  

The new Preses Nams quarter will be located in the Knowledge Mile district in Pārdaugava, in the territory of the former printing house Preses Nams. It envisages the creation of an innovative business centre with a Class A office building and a high-quality public outdoor space, where, as a priority, green  and recreation areas for pedestrians and cyclists will be created. The existing high-rise building Preses Nams will be reconstructed into a 4-star IHG hotel, while a multifunctional centre with retail space, a dining area and a multi-storey car park for the convenience of users will be built in the partially dismantled existing printing building, as well as a unique football area on the roof of the building, in the technical development of which the Latvian Football Federation also participated.

In the first phase of the project, 25 000 m2 will be allocated for the construction of Class A offices, 7 000 m2 for retail premises, 40 000 m2 for multifunctional premises, and a Holiday Inn hotel with 307 rooms will be constructed in the former Preses Nams building.  

Aivaras Abromavičius, Chairman of the Supervisory Board of JSC PN Project: "It is a pleasure that we are approaching the construction phase of the project, a really great deal of work has been done to make it one of the most modern and innovative business centres in Riga. We are currently following the emergency situation in Latvia and in the world in terms of COVID-19, so we are not in a hurry to announce the exact dates of the commencement of construction works, but on our part, we are doing everything we can to ensure that the works are not delayed. We currently anticipate that phase one of the construction will be completed in the summer of 2022."

The project pays special attention to energy efficiency, the choice of environmentally friendly materials, environmental accessibility, the creation of a healthy working environment and sustainable management. In addition to high-class offices that will meet the Excellent standard of the BREEAM certificate and co-working spaces for a total of 2 500 people, there will also be several catering establishments, shops, conference rooms, as well as 200 bicycle parking spots, more than 970 parking spaces, 27 electric car charging stations, walking areas and terraces with greenery.

The author of the concept of the construction of the former Preses Nams territory is the architect Andris Kronbergs and SIA ARHIS Arhitekti: "It is particularly gratifying that the ideas and solutions envisaged in the project have been "cleared" through all the phases of the process, and that support and a legitimate right to implement them has been received. I am especially pleased that the plans concerning public outdoor areas (around the buildings and on the buildings) have been understood and supported by all those involved and responsible. Now we just have to implement it, and I believe that the site will soon be an attractive, popular, actively used and loved part of the Riga city centre."

The project developer is the investment fund Lords LB Special Fund V. The project implementer is a subsidiary of the fund in Latvia - JSC PN Project.

Lords LB Special Fund V is managed by the investment management company Lords LB Asset Management, licensed by the Bank of Lithuania, which has been providing services to institutional and private investors since 2008. In total, the company currently manages 15 funds - 12 real estate funds, 2 private equity funds and 1 energy and infrastructure fund. Total value of assets of funds managed by Lords LB Asset Management in 2019 at the end of December amounted to 530.5 million euros.

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