Capitalica Asset Management, widely known as the developer of Verde, Latvia’s greenest business quarter, has selected RUUME arhitekti for the development of an ambitious mixed-use quarter on Lielirbes Street in Riga. Envisioned as a “city within a city”, the project will bring together living, working and leisure within a unified, architecturally distinctive and human-centred urban environment.

Andrius Barštys, Chairman of the Board of Capitalica Asset Management, says: “The Lielirbes Street project represents a rare opportunity to create a large-scale, mixed-use urban development in Riga. Positioned at a strategic crossroads – just minutes from Riga’s historic centre, close to the airport, and en route to Mārupe and the coastal resort city of Jūrmala – the site has the potential to become a future architectural landmark. Set within a lush, tree-lined landscape, the new development will integrate green spaces with an active urban streetscape. We already have experience in implementing this development philosophy through the creation of the Verde business quarter, and we will now be supported by the experienced urban planning and design experts at RUUME Arhitekti.”

Oskars Vāvere, Architect, Partner at RUUME arhitekti comments: “We are delighted to have been selected to work on this ambitious and challenging project and, above all, to share the developer’s vision for it to become a significant landmark in Riga’s urban landscape. Our architectural vision is to create a self-sufficient residential quarter that balances density with openness, offering residents a refined urban experience in which nature and city life coexist seamlessly. We envision the project as a ‘city within a city’, creating a self-sustaining urban ecosystem. Thoughtfully planned public spaces, varied housing typologies and integrated amenities will foster a community where all aspects of life – work, leisure, family and retirement – can unfold within an architecturally distinctive and human-centred environment.”

As previously announced, the Lielirbe Street project will cover a 7-hectare site and deliver over 100,000 m² of developed real estate, with total investments planned at EUR 300 million. Construction of the first phase is scheduled to begin in 2027. With the development of the new quarter on Lielirbes street in Pārdaugava, the left bank district of Riga, Capitalica Asset Management’s total investment in Riga, including the Verde office quarter, will approach worth of  EUR 500 million.

The Lielirbes Street project will be financed through a combination of shareholder equity, debt financing, and capital raised from investors throughout its development. Capitalica Asset Management regularly opens investment opportunities for both private and institutional investors through bond issuances and equity investments across its real estate projects. The bond issue for the acquisition of the Lielirbes Street site marked the first investment opportunity related to the project, with further opportunities expected as development advances. Investor demand for the inaugural EUR 2 million bond issue was exceptionally strong: most of the issue was subscribed within the first seven minutes on the BeMyBond platform.