Maintaining the original art nouveau design but adding a glass elevator, modern security and fire prevention and a two-level parking garage underneath will put money into Riga's economy and into the pockets of Latvian suppliers and workers.
Pro Kapital Latvia (PK Latvia), owned by the Ernesto Preatoni Group in Italy, has closed the deal on the purchase of the property and retained Re & Re (Repair and Restoration) of Riga to turn the first three stories into offices and the remaining three stories into condominiums.
Ainars Paunins, marketing director for Re & Re, said the project offers a big opportunity for his company. PK Latvia's mother company, PK Estonia, has completed 18 large projects there since 1994.
"We are very happy to start working with Pro Kapital Latvia because they are long term investors. Our mutual cooperation is very useful for future projects," Paunins said. "We will turn this property from dereliction into the most modern office and apartment complex in Riga."
All required materials available in Latvia will be purchased locally and most of the 150 to 200 employees needed on the job will come from Latvia through local companies, Paunins said.
"We are glad to establish a long term involvement with Latvian construction," said Alessandro Gelli, PK Latvia executive director. "We like to work with local companies rather than to bring former partners from [other] countries."
The developers considered three international and two Latvian companies before selecting Re & Re, Gelli said.
When the project is completed 11 months from now, the building will offer 60 square-meter and larger offices and condominiums sized from 60 to 90 square meters. The building is registered with the local list of historical and cultural monuments. The original Jugendstil, or art nouveau design, must and will be preserved.
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