ON THE SITE OF THE SPORTS PALACE, THE TERBATAS GARDEN WILL BE BUILT FOR 100 MILLION EUROS

Real estate developer Estera Development plans to invest 100 million euros in the development of the Sports Palace territory by building the residential quarter "Tērbatas dārzs". The complex will have 800 mid-market apartments located in six seven-story buildings, developer representatives told LETA.

Currently, the developer has announced a tender for the construction of the first 152-apartment building of the new residential quarter “Tērbatas dārzs”. An architectural competition for the next stages of construction will be announced in June 2024.

The developer's task will be to develop a new city quarter with respect for history, since the area of ​​the former Sports Palace is one of the last large and free areas allowed for development in the historical center of the city, which is under the control of UNESCO.

At the same time, the company notes that the development of the quarter is based on the concept of green courtyards, developed by landscaping specialists. Sustainable solutions for harvesting and using rainwater to irrigate patios will also be implemented.

Smart home solutions will be integrated into all houses - owners will be able to control and adjust the settings of heating, ventilation, electricity and other systems in the house using a smartphone.

Considering that the property being built consists of six plots of land between Terbatas, Krišjana Barona, Lielgabala and Artilerijas streets, the territory will be developed as a full-fledged, functional city block. The first floors of the quarter's buildings will be filled with commercial premises - a large grocery store, cafes, restaurants, beauty salons and other services.

Construction of the first Tērbatas Garden building is planned to begin in the second half of 2024, but the first residents can receive the keys to the new apartments as early as 2026. Development of the entire project is planned for six to eight years.

In June 2022, Estera Development acquired the territory of the former hockey arena “Riga Sports Palace” from the Estonian company US Real Estate. The transaction amount is not disclosed.

The implementer of the project “Estera Development” is a Latvian developer with Estonian capital. Estera Development has been operating on the Riga market since 2016, during which time 500 apartments have been built.
 

The Sports Palace was demolished in 2008 to build a business zone in its place, but the project was not implemented.

The Estonian "Rotermann Group" bought the Riga Sports Palace in 2007, acquiring shares in the capital of the companies SIA "Centra tītsības utēns" and SIA "Projekts DM", owned by the daughters of Andris Shkele.