Pillar completed renovation of the splendid house in Riga – Elizabetes Park House

Riga, Latvia, May 16, 2013, 10:00 / Banking

Real estate development company Pillar, a part of ABLV Group, has completed and put into commission one of the most exclusive real estate projects in Riga – Elizabetes Park House. The building is located in Riga centre, at Elizabetes 21a.

The building renovation project was developed in 2007 by bureau Brīnišķīgo projektu birojs under the leadership of architect Andrejs Ģelzis. Whereas the interior of common areas and the building design concept were developed by architect bureau Sudraba arhitektūra under the leadership of Reinis Liepiņš.

Under the project development, a thorough historical research has been performed. The building was constructed in 1911, and it is an architectural monument located in UNESCO area in Riga centre, therefore all requirements regarding preservation of cultural and historical heritage in the building interior and exterior were observed during the renovation.

The renovation of the building began in June 2010 and was completed in January 2013. Investments in the building acquisition, renovation, and stairway repairs have amounted almost to EUR 11 million so far.

There are 18 premium apartments built in Elizabetes Park House. Most of those were sold already during the renovation. Currently, there are 5 apartments available. On the first floor, office premises are located – those are occupied by ABLV Charitable foundation, and precious metals trading and currency exchange company Tavex, whereas in the second half of the year, ABLV Bank loans centre will be also located there, and one group of premises is still available for rent. It should be noted that apartment owners and persons renting premises in Elizabetes Park House are also ensured special service and tailored approach concerning the building management.

The renovation of Elizabetes Park House was a significant challenge to professionalism of all involved specialists, and there was no compromising at the expense of quality. Modern design of the building was developed on the basis of historical research, and all historical elements were preserved. The initial idea of combining the latest European construction and engineering technologies with talents and skills of Latvian craftsmen was implemented. Selected quality finish materials, sustainable engineering system, reserved aesthetics, and perfect details – this way the work performed by architects and constructors can be described. Several apartments and the building itself have been nominated for various prestigious architectural competitions, including the Latvian Annual Architecture Award.

The project Elizabetes Park House is a continuation of premium residential and office properties development performed by Pillar, since those are demanded by both local and foreign customers. The work on the following project – Miera Park House – has already been started.

Pillar Holding Company, KS, is owned by the largest private bank in Latvia – ABLV Bank, AS, and it includes ABLV Group companies that operate in the field of real estate development, management, and trade. Pillar holds one of the largest real estate portfolios in Latvia, which comprises apartment blocks, apartments, private houses, land, and commercial properties. In total, Pillar supervises more than 1200 properties worth about EUR 85.4 million. So far the company has invested the total of EUR 12.4 million in renovation of properties.

Ilmārs Jargans
Head of Public Relations Department
+371 6777 5296