BlueOrange supports the renovation of a historic building

December 10, 2020

By investing half a million euros, real estate project developer SIA „Rent MGMT” has completed the renovation of a historic wooden building in Riga in November. Part of the funding was provided by BlueOrange Bank under the special lending programme for small and medium-sized enterprises, thus supporting the preservation of the architectural heritage of Latvia.

The renovated building is a two-story residential house designed by the eminent architect, Konstantins Peksens, and the building is located in the neighbourhood of Grizinkalns, on Valmieras street 47.
“It required a great deal of work to restore the original appearance of the wooden finish of this building, which is a representative of the wooden architectural heritage characteristic to the neighbourhood of Grizinkalns. The building was furnished with a wooden facade with decorative elements of classicism style, returning the original visual appearance to the building as intended by its architect. The interior was successfully restored by preserving and uncovering original wooden structures, leaving them exposed as an important element of interior in shared hallways. Thus, the users of the building are welcome to see and experience the authentic material used in its construction from its very beginning”, tells the architect of the project, Agnese Lace, founder of SIA „12 līnijas”.
The heating system of the building was completely remodelled and the environmentally non-friendly firewood stoves were replaced with liquefied gas heating. The sewer and water supply system was also transformed, internal and external electricity networks replaced, the roof of the building replaced, as well as the supporting structures were strengthened and a yard landscaped.

In order to achieve the authentic look of the architecturally valuable building on Valmieras street 47, the property developer SIA “Rent MGMT” used the expertise of the wooden buildings renovation centre „Koka Rīga” in the realisation of the investment project, and part of the financing for the restoration of the building was received as a loan from BlueOrange.

It is worth noting that the two-story rental house has survived two world wars, and is still capable of performing its functions. This will be one of the few authentic wooden buildings in the historic centre of Riga, which will welcome the guests of the city, allowing them to get acquainted with the rich cultural heritage of the surrounding area.
The developers hope that historic wooden buildings will increasingly be restored in other areas in Riga and Latvia instead of leaving them exposed to destruction over time. On the scale of Europe, the historic wooden architecture of Riga is considered unique, therefore it should be preserved and restored by adopting a similar pattern as in Scandinavian countries.