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A development plan for the area will be drawn up and handed in to the Riga City Council for harmonization in the coming months.

Kalinovski said that the preparation of designs, scale models and the harmonization process could take one to one-and-a-half years, and then the construction process could begin. At the moment, it is unknown what the new buildings will look like, nor what investments will be necessary. But Kalinovski promised that more information would be provided already after the development plan is drawn up.

Asked about the planned investment, Kalinovski said that the project would cost several millions.

Rietumu banka is also considering construction of a sports and tourism goods shopping center in the territory, but the ice hockey hall and concert hall development have priority.

Rietumu banka said previously that it was planning to not only develop "Arena Riga" as the Baltics' best venue for various shows, concerts and sports events, but also to ensure further development of the entire complex, including the development of the adjacent territories and the construction of new facilities.

As reported, at the end of last year Rietumu banka acquired 100 percent of shares in the company "Arena Riga" through its subsidiary AR Entertainment Limited.

"Arena Riga" was bought from Genadijs Bondariks, who owned 60 percent of "Arena Riga" shares; his wife Jelena, who owned 10 percent; as well as the firm Arena Invests, which owned 30%. Ar Entertainment Limited" is registered in Cyprus.

The details of the deal were not revealed.

The arena was built in 2006 in preparation for the ice hockey world championships. The building's total area is 22,570 square meters. Last year, 129 events took place at the venue.

The turnover of "Arena Riga" in 2008 was LVL 2.61 million, with a profit of LVL 447,000.