The third phase of development for the “Parka Kvartāls” residential district has officially begun, with construction starting on two new apartment buildings. The construction work of the project in which real estate developers Invego and Reterra are investing 13 million euros in total is carried out by “Mapri Būve” and will be completed by the end of 2025.
Following the successful sellout of the district’s first phase and the completion of the second phase, the momentum continues with high demand for the upcoming apartments.
“At Invego, we are committed to creating more than just buildings – we create homes and living environments that are a lasting value and will serve as an investment for future generations. For over a decade, we have been collaborating with the best architects to develop projects that harmoniously fit into their surroundings. “Parka Kvartāls” is a bright example of our vision, which includes thoughtful elements such as elevators in every building and underground parking. Every aspect of the project reflects our commitment to setting new standards of quality and innovation in real estate,” says Kristjan-Thor Vähi, CEO of Invego.
True to its name, “Parka Kvartāls” was designed with a strong focus on preserving the natural environment. Many of the area’s original trees, including those of local and national importance, have been carefully retained. Reigo Randmets, CEO of Reterra, explains, “We prioritized integrating the existing trees into the design to ensure that “Parka Kvartāls” lives up to its name. The result is a thoroughly landscaped area with paved pedestrian paths and a playground, creating an ideal environment for families.”
Situated at the intersection of Dignājas, Tumes, Mazās Stērstu, and Stērstu streets, “Parka Kvartāls” offers the best of both worlds – proximity to Riga’s city center and the tranquility of a green, peaceful setting. Essential amenities such as schools, kindergartens, shops, sports centers, and parks are conveniently nearby. The renowned Bišumuiža neighborhood further enhances the appeal of this green residential area.
The project will consist of three five-story buildings and one four-story building, totaling 120 apartments. All units are designed to meet A-class energy efficiency standards. Buyers will have the opportunity to choose from three types of finishing to match their individual interior design preferences.
Invego is one of Estonia’s top real estate developers, having built homes for over 1,300 families, and developed 30,000 square meters of commercial space in Tallinn and its surroundings in recent years. In Latvia, Invego is behind major projects such as the “Vide Ādaži” village and the “Vītolu parks” residential complex, and together with Reterra developing premium development “Skanstes Rezidences” and “Parka Kvartāls” residential district.
Reterra has rapidly become an important player in the Estonian real estate industry, focusing on residential and commercial projects in Tallinn, Tartu and Riga. Reterra has completed 800 new homes, and the company also manages 70,000 m2 of rental space, serving clients such as “Telia”, “Pipedrive”, “Selver”, “Coop” and “Leonhard Weiss”.