Mežaparka Rezidences have begun building the first villas

Real estate company SIA Domuss (part of the US investment fund group NCH Capital) has begun construction of the first villas. Building on 31 hectares is being completed by SIA Merks.

Development of the project will take place in groups, and each individual grouping will have its own construction competition. The company plans to call for a competition for building of apartment buildings and row houses, says NCH Capital Inc senior vice-president Kārlis Cerbulis. “Mežaparks offers a limited number of residences. We have begun pre-sales in Mežaparka Rezidences and interest is high. Presently, sites 100% ready for building and available for purchase have completed access roads and services. Some potential purchasers are still deciding, because they want to be completely sure that the territory will be developed in the next few years. Already this year, we plan to begin building 10 homes, and I am convinced that next year around this time, activity will be significant. In the next two years, 18 million euros will go into building apartments, villas, row homes and twin villas. In 2017, we plan to complete 41 housing units, including villas, twin and row homes, as well a three-storey apartment building. In 2018, we plan to complete a three-storey office building with a restaurant, as well phase 2 row houses and a three-storey apartment building by the rise along Gustava Zemgala gatve,” adds SIA Domuss director Ralfs Jansons.

To date, 18 million euros have been invested in the project. SIA Merks has completed all necessary preliminary work: infrastructure and landscaping, roads and sidewalks, communication systems. A sound-proofing rise along Gustava Zemgala gatve is also complete. Db.lv has reported that SIA Domuss is completing one of the most significant projects in Riga by transforming former army warehouse territory in Mežaparks. During the pre-crisis boom, the plan for the area consisted of many high-rises, but the crisis caused a change of ownership and the new owners have a different vision for the area’s development.

Currently, Domuss offers several home design options, as well as undeveloped plots (Phase 1 has 40, from 1200 to 1800 m2 with the option to join plots together). These sites can be utilized for building villas or twin villas, in accordance with the overall design concept. Building will take place using modern architectural design with its characteristic lightness and openness to the outdoors, yet respecting and reflecting the historic style of Mežaparks. The overall concept design, as well as the design of several villas was created by Andris Kronbergs. Individual homes have also been designed by architects Reinis Liepiņš, Gatis Didrihsons, Diāna Zalāne, and notable US architect Vladimirs Arsene. Arsene’s design is currently being built in the territory.

R. Jansons notes that it is difficult to say which aspect is currently more popular –interest in buying undeveloped land and building a villa is equal to interest in buying ready-made row houses, twin villas, or apartments. “That was the goal of this project – to create a place that is flexible in its offering and to give each potential resident of Mežaparks a chance to find a place to live in a well-maintained and safe environment. The territory is open to cyclists and pedestrians, but has controlled and restricted vehicle traffic,” he explains.
“I feel good about this project. I don’t know how much we will earn, but we will have done something good by rejuvenating a part of Mežaparks,” says K. Cerbulis.

The exclusive real estate market is limited in its selection, and R. Jansons notes that the tendency is for buyers to acquire something already built. In comparison with previous years when purchases were made based on emotions, today’s home buyers have become more pragmatic and decisions are made more carefully by choosing more valuable and liquid investments.
Final completion of the 31 ha2 territory depends on demand – plans can accommodate both quick and also moderate building paces. Total investment is projected at 80 million euros.

Db.lv, Ingrīda Drazdovska, 6 November 2016, 11:40