Latvia: Construction of Hanza City financial centre.
In the next five years New Hanza City will receive EUR 160 million investment to continue construction work under a new development plan.
New Hanza City is planned to be a regional financial centre with office buildings for several financial institutions including the ABLV Bank central building. The new urban district will have six-floor office buildings, a museum, a park and two kinds of “park house” type apartment buildings. The area for the project is between Pulkveza Brieza, Hanzas, Skanstes and Sporta streets. The next five year plan includes constructing and installing piping, underground parking and the central part of the project which would include office buildings and the ABLV bank headquarters.
Construction is planned to put into operation a number of building lots by 2033, although construction rates will depend on the situation in the real estate market. According to the authors of the project, the area will contain a number of office buildings, including the A / S "ABLV Bank" building, a four or five-star hotel, a conference centre, shopping gallery and entertainment area. Office buildings will occupy ca 100 000 m2 total area, the commercial and public area 20,000 m2 and the hotel 15 000 m2. The prospective development is located within the protected zone of the Riga historic centre.
Completion expected in 2033.
Executed by: Pillar holding, ABLV.
Value est.: EUR 250 million 5 year investment plan 160 million.