LASCO Investment has finished development conception of business centre “Daugava” (Riga, Latvia)

LASCO Investmen” informs that the development plan conception for the business centre “Daugava” and its adjacent territory Riga, has been finished. Presently, for the first stage, there are plans to build a 4 star hotel and 2 office buildings.
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June 9, 2010 - PRLog -- Real estate investment management company SIA “LASCO Investment” informs that the development plan conception for the business centre “Daugava” and its adjacent territory at 3 Balasta dambis, Riga, has been finished in collaboration with architect Larry Oltmanns, who represents architecture office “Vx3”, and international real estate consultation company “Cushman & Wakefield”.

The conception was developed following the Real Estate Investment Development Strategy of SIA “LASCO Investment” for 2009 – 2014, whose main objective is effective management of assets, creating maximum added value for shareholders.

In accordance with the conception, the business and public areas of this territory will be developed gradually, i.e. in four stages, in the time period of 20 years. In the first stage of the development conception, it is planned to build a hotel – conference centre and office buildings. The planned total floor spaces of these objects are as follows: the hotel – 13,000 m2; the office buildings – 30,000 m2. In addition, the hotel will have a 100-space parking lot, the office buildings – a 400-space parking lot.

In the subsequent stages, further development of the office park and the construction of a residential building complex are planned. Each subsequent stage will be commenced after the objects of the preceding stage will have been commercialised. The total planned building space is estimated at up to 170,000 m2, the area of the territory is 56,645 m2. The existing building complex will be taken down.

The Riga City Architect’s Collegium, reviewing the development conception for the territory at 3 Balasta dambis, Riga, has acknowledged that its conceptual solution basically conforms with the Daugava left bank planning and spatial structure development conception, taking into account the heritage value of the historical centre of Riga and the opinion of the UNESCO World Heritage Committee. Further development of this territory will also be carried out in close cooperation with the responsible authorities of the city of Riga.

The Management Board Chairman of “LASCO Investment” Raitis Nešpors noted: “Assessing the development perspectives and asset value increase potential for the business centre ‘Daugava’ and its adjacent territory, a decision on the development and commercialisation of this territory was taken. Presently, for the first stage, there are plans to build a 4 star hotel with 200 rooms and a conference centre, involving an international hotel chain operator in its management, and two office buildings. Taking the next step, we have announced the first stage preliminary design competition for architects. The investments in the first stage are estimated at up to 60 million euro.”

About LASCO Investment
SIA “LASCO Investment” is a subsidiary company of Joint Stock Company “Latvijas kuģniecība” (LASCO), which carries out the administration and management of LASCO’s real estates in conformity with the objectives set out in the Real Estate Investment Development Strategy: maximum profitability from investments, maximum added value and maximally profitable sale of the investments when the real estate market situation becomes stable. For additional information, please visit

About VX3 (Larry Oltmanns)
Architecture office “VX3” (architects, strategists, urban designers) was founded by Larry Oltmanns, whose portfolio includes over 60 completed and current projects. The company successfully combines the improvement of urban environment quality with the development of financially successful projects, which meet the interests of contracting authorities. For additional information, please visit

About Cushman & Wakefield
“Cushman & Wakefield” is a reputed international real estate consultation company, running its business in more than 50 countries worldwide. The company offers services in the area of commercial properties, servicing international corporations, pension funds, developers, entrepreneurs, government authorities and financial institutions. For additional information, please visit

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