Latvia, LIVE RIGA, Markets and Companies, Real Estate

The transformation of Valnu Street into the city's main retail axis will stimulate interest in the Old Town, bring in tourists, and improve the quality of the Old Town's public environment, indicated the Linstow representative, adding that pedestrian shopping streets are a feature of many European capitals, including Stockholm, Oslo, Copenhagen, Istanbul, and others.

"The shopping street will not only be a popular, looked-after and lively part of the city center, which local people will be proud of and tourists will come to visit, but also an excellent space for business, helping companies to bring in more clients and increase turnover. This is a great example of how public/private partnership can lead to the development of the urban environment, making it more attractive and multi-functional," said Linstow Chairman Frode Gronvold.

The transformation of the street will provide greater shopping opportunities, as well as improved catering, cultural and entertainment facilities. Infrastructure will also be improved, including developing the road surface, ensuring better street lighting, and installing benches and greenery. In the view of Linstow, the street is ideal for the project, and the necessary improvements can be made without great difficulty and using modest investment.

Linstow are currently listening to approaches and suggestions from interested parties. As this is a long-term project, it will be several years before it reaches completion; however, the first marketing events should begin in the summer of 2011, believes Linstow.