One of Riga’s fastest-developing neighborhoods – Skanste – continues its growth: yesterday, the cornerstone was ceremoniously laid for the new luxury residential project “Skanstes Rezidences.” The €14 million project is being developed by Estonian real estate companies Invego and Reterra, and is expected to be completed by the end of this year.
“We believe Riga is a city with immense potential. Skanste is one of its most promising and dynamic districts, and our vision is to create world class architecture top-quality homes for people who value an active urban lifestyle. “Skanstes Rezidences” is not just a modern environment to live, but also a high potential opportunity for private investors,” said Kristjan-Thor Vähi, CEO of Invego.
During the event, Chair of the Riga City Council Development Committee Inese Andersone also gave a speech, highlighting the significance of Skanste in the city’s development: “Your decision to develop this project in this particular location has been a strategically sound one – the number of residents here is growing, and the area is becoming increasingly vibrant. From the city’s perspective, we see this district as part of the new city center, and the municipality continues to invest in its development, soon the reconstruction of Grostonas Street will begin and also new kindergarten will be built. Step by step, Skanste is becoming one of the most visible faces of development in the capital.”
“Here we create a living environment that combines high quality, sustainable solutions, comfort and a refined modern architecture we can all be proud of,” said CEO of Reterra Reigo Randmets complementing the work of experienced professionals from Estonian company “Salto Architects” and Latvian Architect office “TECTUM”.
During the event, guests were introduced to the project vision and architectural plans. A time capsule containing a message for future generations was also ceremoniously placed within the foundation. The event marks the next phase in a development that has already generated significant interest among buyers.
The new project, located at 9 Grostonas Street, is being built by SIA “Mapri Būve.” It will consist of two eight-storey A-class energy-efficient buildings connected by a shared entrance lobby and an spacious underground parking garage. A total of 67 apartments will be built, ranging from one to four rooms, with balconies and rooftop terraces. Several loft-style apartments will feature ceiling heights up to 6 meters. Prices start at €119,900.
In Latvia, Reterra and Invego are also developing the “Parka Kvartāls” and “Miera Rezidences” residential districts.
With over a decade of experience, Invego is one of the leading real estate developers in the Baltics. The company has built homes for more than 1,300 families and over 50,000 square meters of commercial space in and around Tallinn. In Latvia, Invego is currently implementing three major projects: the “Vītolu Parks” apartment complex in Riga and the “Vide Ādaži” and “Mārupes Sirds” residential districts. In 2024, Invego also launched “Silves Hills” – a 65-hectare residential project with 154 villas in Portugal.
Over the past ten years, Reterra has rapidly grown into a major player in Estonia’s real estate market, focusing on both residential and commercial developments in Tallinn, Tartu, and Riga. Reterra has delivered over 1,000 homes and manages 70,000 m² of commercial space, serving clients such as Telia, Pipedrive, Selver, Coop, and Leonhard Weiss.
