RUUME Arhitekti to design multifunctional quarter concept on Lielirbes Street
Architecture firm RUUME Arhitekti will develop the design concept for a large multifunctional quarter on Lielirbes Street in Riga, in partnership with developer Capitalica Asset Management. The project envisions over 100,000 m² of development on a 7-hectare site, with total investment reaching €300 million.
Real estate developer Capitalica Asset Management has selected architecture firm RUUME Arhitekti as its partner for designing the architectural concept of the Lielirbes Street project in Riga. The planned quarter is conceived as a "city within a city," combining housing, workplaces, services and leisure facilities in one location.
Andrius Barštis, chairman of the board at Capitalica Asset Management, says the site's location — just minutes from Riga's historic center, close to the airport, and on the route to Mārupe and Jūrmala — gives it the potential to become one of the capital's future architectural landmarks. He notes the company has already applied a similar development approach with its Verde office quarter.
Oskars Vāvere, partner at RUUME Arhitekti, explains that the firm's vision is a self-sufficient residential quarter with balanced building density, where nature and urban life complement one another. The plan includes thoughtfully designed public outdoor spaces, diverse housing types and integrated infrastructure, allowing residents to fully experience all aspects of life — work, leisure, family time and retirement — in one place.
Scale and financing
The Lielirbes Street project foresees more than 100,000 square meters of high-quality development on a 7-hectare site, with total investment of €300 million. Construction of the first development phase is planned to begin in 2027.
With this new quarter in Pārdaugava, Capitalica Asset Management's total investment in Riga, including the Verde quarter, will approach €500 million. The project's financing will combine shareholder contributions, debt financing and capital raised from investors during development.
A bond issue worth €2 million for the purchase of the Lielirbes Street plot was already the first investment opportunity in the project, with most of it subscribed within seven minutes on the BeMyBond platform. Further investment opportunities are planned as development continues.
