Huge new retail space for Riga

RIGA -- Land and property prices throughout the Baltic region may be levelling off or even dipping according to some reports, but that isn't stopping many huge new projects going ahead.

Website Europe-re.com reports that construction of the Baltic region's largest retail park will begin in late 2008. The site will offer 250,000 sq. meters of retail space. Letting agents are DTZ and Jones Lang LaSalle and the stores on site are said to include DIY, furniture and hypermarkets.

The huge new center will be located between Riga and the wealthy resort of Jurmala, just minutes away from Riga International Airport and will target shoppers from Estonia and Lithuania as well as Latvia.

Linstow CEO Frode Gronvold said: "Riga Retail Park will be different from anything else seen in the Baltic states today. This park opens up the opportunities to attract new international retail chains, whilst also providing new possibilities for retailers that are already active in the Baltic region."

Linstow has already established numerous thriving retail sites in and around Riga including the Alfa, Origo, Mols, Dole and Galerija Centrs shopping centers. Linstow was also behind the Ulemiste center in Tallinn.