Land purchase agreement signed in new phase of “Mežaparks Rezidences” – developer “Tepat Grupa” to build energy-efficient housing

Latvian real estate developer “Tepat Grupa” has entered into an agreement with building project “Mežaparks Rezidences” for the purchase of a land plot worth EUR 1.18 million, thereby furthering the development of the sizeable territory and advancing sustainable construction in Mežaparks.

The infrastructure work on “Mežaparka Rezidences” started in the autumn of last year is ongoing in a bid to implement the new phase of the project. The plans entail the redevelopment of building plots totalling 21 hectares.

On the area of land purchased by “Tepat Grupa” spanning 5,500 square metres, the developer  intends to build apartment houses, supplementing the housing stock of Mežaparks with modern, high-quality, and energy-efficient properties. The buildings are currently in the design stage and construction work is expected to start during the first half of next year.

“It’s wonderful to see that real estate developers are interested in ‘Mežaparks Rezidences,’ and that the work we’ve put in is appreciated. We are very honoured to have been chosen by ‘Tepat Grupa’ for one of their future projects. The residents of Riga deserve an urban environment fit for our times – and one that’s not confined to the centre of the capital, but also extends into the outlying neighbourhoods. This is exactly why we are providing a well-maintained infrastructure for real estate developers seeking to build apartment blocks, office buildings, and other commercial developments in Mežaparks,” says Ralfs Jansons, CEO of “Mežaparka Rezidences” developer “Domuss.”

The infrastructure construction and landscaping as part of the next phase of development “Mežaparks Rezidences” is due to be completed by the end of this summer. The southern part of the Mežaparks neighbourhood will comprise plots with adapted infrastructure ranging between 5,000 and 10,000 square metres. These are available primarily to real estate developers who will have the opportunity to develop four to six storey buildings – in keeping with market trends and conceptual considerations.

“We are delighted to have signed the agreement – it not only marks a new stage in our company’s growth, but is another major project as part of carrying out initiatives important to Riga’s residents and developing a community-friendly environment in Mežaparks, all according to the highest standards. We will be paying particular attention to the energy efficiency and architectural aspects of our buildings. We commend the work already invested in the infrastructure, and have full confidence in the vision put forth by “Domuss” for the development of Mežaparks,” comments Voldemārs Siliņš of “Tepat Grupa.”