EUR 2.9 million for the acquisition and renovation of the historic building at 27 Raiņa bulvāris

October 07, 2021

Real estate firm One Develpoment SIA, having drawn on financing in the amount of EUR 2.9 million from the BlueOrange Bank, has acquired and will renovate the historic building at 27 Raiņa bulvāris. The renovation project will preserve and restore the facade and other historic elements of the building. The total investment for the project amounts to EUR 5 million.

“Not only the creation of new projects, but also the high-quality renovation of historic properties is essential for the development of the real estate market. This is particularly important in the historic centre of the capital, which is one of our country's landmarks. That is why BlueOrange has been committed to supporting both the development of new projects and the implementation of thought-out, high-quality historic real estate projects in recent years. This year alone, despite the general caution in the real estate market, BlueOrange has allocated EUR 19.8 million in financing to this sector. This represents 18 377 m2 of new space and 10 938 m2 of renovated space,” says Marina Antonova, Head of the Credit Management Department at BlueOrange.

After the renovation, the top five floors of the historic six-storey building will, according to the current layout, house a total of 40 apartments ranging from 25 to 108 m2. The renovation project will preserve and restore the facade elements, balconies, decorative cornices and spiral staircases, which are of particular historical value. Work on the project at 27 Raiņa bulvāris has already begun, and the project is slated for completion in late 2022.

“The demand for residential space in the centre of Riga remains consistently high, while the supply is limited. However, the building at 27 Raiņa bulvāris is unique both for its history and location, as there are practically no apartments for sale in this area. Our goal is to create one of the most beautiful renovated projects in the historic centre of Riga and a unique residential project on Raiņa bulvāris – there is no other building with a similar view of the Opera House, the city canal and the park. Restoring and preserving the historic elements of the building will be one of our main challenges, and our experience in renovating historic buildings over the years will certainly help us in this task,” says Mihails Guščins, CEO of One Development.

The multi-storey building at 27 Raiņa bulvāris was built in 1874 and designed by Latvian architect, public figure and one of the founders of the Riga Latvian Society J.F. Baumanis, known for his eclectic style buildings in the historical centre of Riga and the so-called Riga bulvāris Circle. The building at 27 Raiņa bulvāris played an important role in the architect's creative vision, as it, together with the building at 31 Raiņa bulvāris, forms a unified ensemble to highlight the Lomonosov Gymnasium at 29 Raiņa bulvāris, which he also designed himself. Today, the building stands alongside the University of Latvia, Riga State Gymnasium No.1, embassies and a number of hotels.

“Not only the creation of new projects, but also the high-quality renovation of historic properties is essential for the development of the real estate market. This is particularly important in the historic centre of the capital, which is one of our country's landmarks. That is why BlueOrange has been committed to supporting both the development of new projects and the implementation of thought-out, high-quality historic real estate projects in recent years. This year alone, despite the general caution in the real estate market, BlueOrange has allocated EUR 19.8 million in financing to this sector. This represents 18 377 m2 of new space and 10 938 m2 of renovated space,” says Marina Antonova, Head of the Credit Management Department at BlueOrange.

This is the third project that real estate developer One Development is implementing with financing from BlueOrange. At the beginning of this year, it completed the renovation of the Schoolhouse&Lofts building at 30a Čaka bulvāris, which had once housed a girls' commercial school.

Real estate developer One Development specialises in the renovation of historic buildings and has so far completed such projects as Blaumaņa Residence, Miera Residence and Schoolhouse&Lofts. At the same time, the company is currently implementing its first new real estate project – “Mežaparka vārti”. 

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