Construction, Good for Business, Investments, Latvia, Real Estate

This year, the company will begin utility and temporary street construction. By 2021, the company plans to build a 16-story house for ABLV Bank’s headquarters, a six-story office building, Contemporary Arts Museum, city park, an exclusive block of residential buildings, and a medium-class residential block, said Valtere.

She said that the first round of investments (utilities, roads, and two office buildings) will amount to about EUR 85 million. The contemporary arts museum will require about EUR 30 million. The park's construction costs are yet to be calculated. The estimated construction costs of the residential block amount to EUR 45 million. The total estimated investments thus reach about EUR 160 million, Valtere said.

The New Hanza City territory is managed by ABLV Group's company Pillar.

Pillar Holding Company, established in 2008, is owned by the largest private bank in Latvia – ABLV Bank, and it includes ABLV Group companies that operate in the field of real estate development, management, and trade.