With Support from BluOr Bank, "Tērbatas Dārzs" Residential Quarter Breaks Ground in Riga
July 07, 2025
Today, at the intersection of Tērbatas and Lielgabalu Streets in Riga, a symbolic cornerstone was laid for the upcoming residential quarter “Tērbatas Dārzs.” One of the most ambitious urban development projects in the city center, the initiative is supported by BluOr Bank, which has provided €17.5 million in long-term financing.
BluOr Bank’s commitment to this project underscores its long-standing focus on supporting sustainable and high-quality real estate developments. As a Latvian bank with more than 20 years of experience in business and investment financing, BluOr Bank consistently chooses projects that promote urban growth, energy efficiency, and societal value.
“By investing in ‘Tērbatas Dārzs’, we are not just financing buildings — we are supporting a vision for modern, aesthetically appealing, and functional living in the heart of Riga,” said Dmitrijs Latiševs, CEO of BluOr Bank.
The project is being developed by SIA Estera Development, with construction carried out by the experienced contractor SIA Selva Būve. The site is located on the former grounds of the iconic Sporta Pils (Sports Palace) — a place remembered fondly by many locals for its deep ties to Latvia’s sports history.
The development will consist of six energy-efficient, seven-story buildings, offering more than 800 apartments along with generous commercial spaces. The first buildings are scheduled for completion by the end of 2026, with full development of the quarter expected by 2032. Total investments in the project will exceed €120 million.
Among the guests at the groundbreaking ceremony was the captain of Latvia’s national ice hockey team, who delivered a heartfelt speech recalling personal memories of the historic hockey arena once located on the site. He expressed his joy that this area is being transformed into a modern and meaningful space for future generations.
The architectural design competition for the remaining five buildings was won by Latvian architecture firms SIA Mark Arhitekti and SIA PBR, whose solutions combine functionality with distinctive aesthetic appeal.
PHOTO: Groundbreaking ceremony for “Tērbatas Dārzs” in Riga.