Vastint Latvia SIA has signed an agreement with Merks Ltd for the construction of two residential buildings at Antonijas Street 17A to establish the first round of the development of the Magdelena Quarter. The work will include infrastructural links, closed car parks and a well-appointed green zone. The plan is to complete work on the buildings by the summer of 2016.
The Magdelena Quarter will be a high-quality and dynamic space for life, work and leisure. It will be located in the quiet centre of Rīga between Antonijas, Emiļa Melngaiļa and Strēlnieku streets. Not so long ago the quiet centre was associated with the embassy district, where people could stroll around and enjoy Art Nouveau architecture. In recent years, however, its role in the city has been well expanded, offering the dwellers’ of Rīga and the city’s guests a wide range of opportunities for leisure, space for living and working.
“It is nice that the Magdelena project will transform the specific quarter, and then also a beautiful and so far underappreciated part of the quiet centre of Rīga,” says Vastint Latvia SIA board member Romāns Astahovs. “The fact that the popular Rossini restaurant has moved to a location on Antonijas Street alongside the Magdelena project indicates that we are not the only one to see the potential of this place.”
The first part of the project will involve the construction of two six-floor residential buildings with 109 flats, three commercial areas and seven flats based on the “live-work” principle that is popular in Europe, with a private area on the second floor and a working zone on the first floor. The project will feature a green yard on the roof of the car park between the two buildings. The first floors of the buildings will also have auxiliary rooms for the needs of each flat, as well as commercial facilities. The construction will involve modern and proven building materials to create a high-quality and comfortable living space, allowing future owners to maintain their properties more effectively.
The Magdelena Quarter is being developed by Vastint Latvia SIA, which is part of the international real estate Vastint Group, which has 25 years of experience and has been actively present in the Latvian market since 2003 (until September 2014 it was known as SIA Larix Property). The first buildings are designed by SIA Didrihsons Arhitekti.