Miera Development SIA, part of the Invego Group, has signed a construction contract worth €36.7 million (€30.3 million excluding VAT) with Latvian company MONUM SIA for the development of the Miera Rezidences residential project in central Riga. The first phase of the project, developed jointly by Estonian developers Invego and Reterra, is scheduled for completion in spring 2028.
According to Kristjan-Thor Vähi, CEO of Invego, what makes the project unique is its location on Miera Street, a historically established and densely built-up area where new residential developments are rare. “The strength of the Miera area lies in the fact that it is not a typical development district, but an established neighbourhood with a distinctive identity of its own. Our aim is to complement this character with a new living environment, not to change it. That is why we have placed great emphasis on high-quality architecture, energy efficiency and modern solutions, creating homes that offer all the conveniences of urban living while also providing plenty of greenery and tranquillity,” says Vähi, adding that the Miera project has also proved popular among buyers looking for investment properties.
According to Reigo Randmets, CEO of Reterra, reaching the construction phase is an important milestone for the entire development. “Miera Rezidences is a project that has attracted a great deal of interest, and it is now important to us that the same level of quality and the vision we have set for the project from the outset are carried through into the construction phase. When selecting the construction partner, we considered both technical capabilities and a willingness to engage in long-term cooperation focused on quality,” says Randmets, adding that construction work will begin within the next few weeks.
Miera Rezidences will be built on Miera Street in central Riga, an area known for its distinctive architecture, greenery and vibrant cultural life. A total of 172 new energy-efficient homes will be built in two phases, with the total investment in the project reaching €40 million. The development has already attracted considerable attention ahead of construction, receiving around a thousand enquiries even before the official launch of sales.
The architectural concept for Miera Rezidences was selected through an architectural competition and developed by Latvian architecture firm Tectum. The apartments feature spacious balconies and terraces, 2.8-metre-high ceilings and large floor-to-ceiling windows, creating a sense of space and bringing abundant natural light into the homes. The thoughtfully designed homes will have an A-class energy rating, while the development will also feature a safe landscaped courtyard offering greenery and space for play.
MONUM is one of Latvia’s leading construction companies, specialising in civil and industrial construction projects of varying scale and complexity. The company also carries out infrastructure works and the construction and reconstruction of streets and roads. In delivering each project, the company follows a strategy designed to ensure high-quality results at every stage of construction, from the initial concept through to project completion and the receipt of an occupancy permit.
Reterra Estate is a real estate development and investment company based on domestic capital that has created integrated and innovative residential and commercial environments over more than ten years of operation. An open outlook and a clear focus on a better future have taken the company’s operations from Tallinn to Tartu and Riga. Reterra has developed more than 1,000 new homes and manages 70,000 m² of commercial space, with tenants including Telia, Pipedrive, Selver, Coop and Leonhard Weiss, among others. Reterra’s major developments include the Hipodroomi Quarter in Tallinn, the Raemõisa residential development in Rae Municipality and the Aviaatori residential quarter in Tartu.
Invego Group is a new-generation real estate developer operating in three countries, specialising in large-scale residential developments and commercial districts with integrated concepts that shape the urban environments of the future. With more than ten years of experience, Invego Group comprises over 60 companies in Estonia, Latvia and Portugal and currently has 30 different development projects under way. Invego Group has developed more than 150,000 m² of residential real estate, comprising a total of 1,500 homes, as well as 50,000 m² of commercial real estate. In addition, more than 500,000 m² of residential and commercial development volume is currently in the pipeline. The bonds of Invego Group OÜ and its subsidiary Invego Latvia OÜ are listed on the Nasdaq Baltic First North Bond List.