SIA “Invego Tornakalna” has signed a €36.7 (€30.3 million plus VAT) million design and construction contract with SIA “UPB Nams” for the development of the new Torņakalna Terases residential quarter in Riga. The project will be built in two stages and will deliver a total of 216 new homes.
“Invego is committed to creating high-quality residential districts and carefully selects partners for every project to raise the standards. With “UPB Nams” we are confident the development will move forward smoothly and deliver a modern living environment built to the future standards, serving residents for decades to come,” says Kristjan-Thor Vähi, CEO of Invego Group.
The architectural design of Torņakalna Terases is based on terraced housing, where every apartment has a spacious terrace or balcony with views of the city or surrounding greenery, and floor-to-ceiling windows fill the interiors with natural light. All buildings meet A-energy class standards. The architecture was selected through a design competition, with the prestigious winning concept delivered by “RUUME arhitekti”. The placement of the buildings follows the principle of preserving as much of the existing landscape as possible, and parking has been moved underground to keep the space between buildings green — creating a spacious green courtyard and a nature-friendly living environment.
Torņakalns is a district with a strong character that is developing rapidly and has seen significant improvements in recent years, including the reconstruction of the Mūkusalas promenade. It is home to the University of Latvia’s Academic Centre, the House of Science, and several spacious, well‑maintained parks, making the neighborhood an increasingly attractive place to live.
The new residential quarter will offer a wide range of apartment sizes and layouts to meet the needs of different buyer groups. From families with children to professionals and students, Torņakalna Terases is designed to accommodate diverse lifestyles and provide a comfortable, modern living environment for a broad audience.
About UPB
UPB Group is one of the leading industrial holdings in the Baltic region, specializing in the delivery of technologically complex construction projects, including design, production of construction materials, delivery, installation and service. The advantage of the Group is the ability to ensure integrated solutions for glass, steel, precast concrete structures, as well as for the energy sector and machinery. The largest groups of UPB companies are MB Betons Group, RK Metāls Group, AILE Group, UPB Energy Group and UPB Nams Group. UPB currently employs around 1700 people.
About Invego Group
Invego Group is a next-generation real estate developer operating in three countries, specializing in the development of large residential districts and commercial quarters with comprehensive concepts that shape the cities of the future. With more than 10 years of operating history, Invego Group includes over 60 companies in Estonia, Latvia and Portugal, and currently has 30 development projects underway. The Invego Group has developed more than 150,000 m² of residential space, creating 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 projects are currently in progress.