Estonian real estate developers Invego and Reterra are investing €14 million in the construction of a new residential quarter in Riga called “Skanstes Residences“, which will feature 67 apartments and is scheduled for completion by the end of 2025.
“Sales of the Skanstes Residences apartments began last week, and the first units have already been reserved. The strong interest is largely due to the fact that Riga hasn’t seen the addition of such a high-quality living environment for quite some time,” said Invego CEO Kristjan-Thor Vähi, noting that the development is located in a rapidly growing district right on the edge of the city center.
Skanstes Residences brings together top-tier architecture and future technologies — the entire quarter stands out with its unique design and energy-efficient solutions, setting a new standard for the future of Riga. “The project consists of two buildings connected by a shared lobby and a spacious underground parking garage,” explained Reterra’s Head of Sales and Marketing Kaspar Markus, adding that the architectural vision behind separating the buildings allows for abundant natural daylight and unique city views in each apartment.
Every unit is equipped with an individual ventilation and cooling system as well as underfloor heating. The A-rated energy-efficient district heating system will be supplemented by geothermal energy piles to further enhance energy performance. All apartments will be sold fully finished and designed by interior designers.The two eight-story buildings will include a total of 67 homes, ranging from one- to four-room apartments, each with a balcony or terrace. Located on Grostonas Street, next to Arena Riga, the exclusive A-class energy-rated apartments start at €114,900 and will be completed by the end of 2025. Invego and Reterra have previously collaborated in Riga on the “Parka Kvartāls“ residential development.