BluOr Bank and Signet Bank Finance a Major Development Project in Central Riga

November 20, 2025

Real estate developer Centrus Real Land has launched the construction of the final phase of the CENTRUS quarter. The project will include five new residential buildings featuring high-quality apartments and commercial premises on the ground floors. The developer plans to complete the new quarter by the end of 2027. The architectural design has been created by Layout17, while construction works are carried out by the company Monum.

The total investment in the second phase of the project will reach 30 million euros, of which 25 million euros are provided by BluOr Bank and Signet Bank — two Latvian banks that have joined forces to offer substantial financing and demonstrate the ability of the local financial sector to consolidate resources and provide funding volumes comparable to those of foreign banks.

CENTRUS is located in Riga’s historic centre, within the block bordered by Tērbatas, Blaumaņa, Dzirnavu and K. Barona streets — an area known for its special charm and vibrant urban lifestyle. The quarter blends harmoniously with the surrounding architecture, creating a modern living environment with sustainable solutions and a wide range of amenities.

“By launching the final construction phase of CENTRUS, we are continuing the development of a cosy and comfortable quarter that embodies the quality of life in central Riga — the opportunity to be just a few steps away from cultural, entertainment, educational and recreational venues, while enjoying privacy, a landscaped promenade, and a modern, safe living environment,” says Centrus Real Land board member Bruno Bergmanis.

During the first phase, the developer built two seven-storey residential buildings with 82 apartments and commercial premises. All apartments have been sold, and the commercial spaces are fully leased. A spacious and green pedestrian promenade connecting Blaumaņa and Dzirnavu streets was also created. A two-level underground car park serves residents, visitors, and other drivers.

The second phase will include the construction of four seven-storey buildings and one five-storey building. All new buildings will be constructed simultaneously to ensure smooth progress and shorten the construction timeline. In total, 142 apartments will be built, along with 7 commercial units located on the ground floors. The quarter’s promenade will be completed and fully landscaped during this phase.
The exclusive sales partner for the project is Latvia Sotheby’s International Realty. Apartment sales and reservations have already begun.