SIA 'Linstow' acquires building near Station Square, strengthening the development of the 'Riga Central Business District'

Within the rapidly developing “Riga Central Business District”, the real estate development company SIA “Linstow” has acquired a building at 13 Janvara Street 2A, next to Station Square. This transaction represents a strategic step in the company’s long-term development plans aimed at improving the surrounding area and unlocking its full development potential by creating a modern, sustainable, qualitative and internationally competitive business environment in the heart of Riga. The total “Linstow” investment in acquisition, development of the property and further improvement of the surrounding areas might reach up to 2 million euro. 

“The rapidly developing “Riga Central Business District” is emerging as an important centre for business, mobility and services in Riga, with significant growth potential. This deal forms part of our long-term development strategy and investments in central Riga, aimed at creating a high-quality and sustainable urban environment. The development concept for the building and its surrounding area is currently in preparation, with plans to reconstruct it in line with the company’s strategic focus on the retail and services sector, respecting its functional and spatial context with the Station square. Our goal is to develop this area into one of the leading business centres in the Baltics – a modern and dynamic urban environment with contemporary offices, modern retail, high-quality public space and well-developed infrastructure that attracts international companies, investors and talent, while strengthening Riga’s competitiveness internationally,” says Frode Grønvold, Chairman of the Board of “Linstow”.

When planning the future development concept of the acquired building and the surrounding area, close cooperation with the Riga City Municipality is envisaged to find the most suitable solution for sustainable, spatially and functionally fit use of the property as a retail and service facility, that could be possible to implement already in the next year. 

“I highly appreciate Linstow’s clearly expressed commitment to developing and improving the area around the Central station. The location where the notorious gambling hall once stood had long been a blemish on the urban environment, and now the municipality, together with the company, will work to transform this area into an open, well-maintained and accessible space for people. We will be actively involved in this process and, from the city’s side, are ready to support the development plans, including by removing bureaucratic obstacles. At the same time, the municipality plans to attract European Union funding to contribute to the improvement of the area around the station itself. This includes creating new pedestrian crossings, introducing parking solutions and developing cycling infrastructure,” says Riga Mayor Viesturs Kleinbergs.

The acquired property at 13 Janvara Street 2A, Riga, comprises a 390 m² land plot and a single-storey building with a total area of 211.3 m². Prior to the transaction, the property was owned by “Kolonāde-S” Ltd.