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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 23:18

Baltic International Bank to invest EUR 12 mln in renovation of quarter in Old Riga

BC, Riga, 19.09.2018.Print version
Baltic International Bank will invest EUR 12 million in reconstructing and refurbishing of the Old Riga quarter situated between Kaleju Street and Vecpilsetas Square, the bank’s spokeswoman Inese Malnaca reported.

She said that construction contracts have been signed by bank, architectural firm Ivara Slivkas Birojs and contractor Ramej Construction. The reconstruction of five intra-quarter buildings is aimed at rejuvenating and regenerating this neglected quarter of the Old Riga. The purpose is to transform it into a public and business space and to establish an architectural ensemble presented as a homogenous and an indivisible whole and built according to the highest modern standards while maximally respecting cultural and historic heritage and construction traditions.


"We are launching a long-term cultural historic and business project of great importance to us as a bank. The city will regain a renovated part of the Old Riga, we’ll create an interesting environment both for our citizens and tourists, we will offer the local businesspeople premises for business development, and bank will enjoy new office premises. Previously, we have reconstructed and restored historic buildings in the Old Riga. This is the vivid testimony to the fact that we maintain the optimal balance to be able to preserve historic values while succeeding in business," said Chairperson of Baltic International Bank Supervisory Board Valerijs Belokons.


The quarter is located on the territory of the great architectural monument of national cultural importance “Historic Centre of the City of Riga”, a UNESCO World Heritage Site “Historic Centre of Riga” and an archaeological monument of national cultural importance “Archaeological Complex of the Old Riga”. Along the quarter, nearby Kaleju Street, the remains of the ancient city wall from about 1200 year can be seen and will be made accessible to the general public. Taking into account the location of the objects under construction, the project, which is challenging enough, will take five years to complete.


The revitalized quarter will comprise two main functional zones. Covered shopping arcades, known as passages or galleries, will be located on the lower three floors. The Money Museum will be located on the first floor. Bank’s office premises will be located on the upper floors. The quarter will boast of a high-end restaurant and the atrium (a skylight covered space) which will be used for small exhibitions and concerts.


The key shareholders of Baltic International Bank are Valerijs Belokons (69.9%) and Vilorijs Belokons (30%). At the end of 2017, Baltic International Bank was the 12th largest bank in Latvia in terms of assets, according to the data of the Latvian Association of Commercial Banks.







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