BlueOrange supports renovation of historic buildings in Riga

At the beginning of the year, a historic building in the very heart of Riga — on Caka Street 30a, was restored and commissioned. The reconstruction project was implemented by the company “One Development” with the financial support of BlueOrange Bank in the form of a loan of EUR 2.1 million.

“We are very glad to see that funding provided by our bank helps dedicated people to realise beautiful, ambitious projects of high value, while ensuring targeted development of their business,” notes Dmitrijs Latisevs, Chairman of Board at BlueOrange.

In 1913, when the construction of the Schoolhouse & Lofts building was launched on Caka Street 30a, the building housed girls’ commercial school. At the time, Riga was experiencing an economic and cultural boom, and specialists were required in various professions. When the school building was given-over to the Latvian public figure, Vilis Olavs, and his fund, a business school for young people was established there. Several graduates of the school were among the founders of the State of Latvia, leading politicians and businessmen.

Mihails Guscins, Chairman of the Board at “One Development”, states: “Buildings that are built nowadays do not carry such value that anyone would think of reconstructing them in 100 years’ time. Meanwhile, there are many hundred-year-old houses in Riga today, which can be reconstructed and renovated. We give historical heritage a second life, and this building will provide housing for 51 family. The facade of the Schoolhouse Loft building was restored in line with the architectural styling of the early XX century. The characteristic rigid and laconic shapes form the monolithic look of the building. Stairways and entrances are furnished with natural motives characteristic to Art Nouveau style.

Now we have another beautiful and well-kept building in the centre of Riga! ”