Representatives from Estonian property developer Direct Invest Group announced on 2 December 2019 that it had begun the development of Balasta Dambis in Rīga. The project is an office center on Balasta Dam and an estimated €30 million (US$33 million) is being invested in it.
The ARHIS-designed building will rise to 92 meters in height and will include 23 floors, with a total area of 20,000 square meters. Offices will range from 50 to 800 square meters. The project has received a building permit and will begin construction in the second half of 2020 near the Swedbank Central Office building.
"Rīga still has high untapped potential in office building development. In our opinion, despite recently completed new offices, the Rīga market still lacks quality office space," said Direct Invest Group Partner Vitali Kõllomets.
Direct Invest Group specializes in commercial development in Estonia, with office and commercial building projects in the cities of Tallinā, Tartū, and Pärnu. This will be its first project in Latvia.
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