Invego and Reterra's Joint 14 Million Euro Residential Quarter in Latvia Laid Its Cornerstone
In Riga, the cornerstone was laid for the residential quarter Skanste Rezidences, developed by Estonian real estate developers Invego and Reterra for €14 million, with the homes completed next spring.
Invego's head Kristjan-Thor Vähi sees very great potential in Riga, and Skanste is one of the faster developing central areas there. "Our vision is to create quality homes with top-level architecture for people who value an active city life. Skanste Rezidences is not only a modern living environment but also an attractive investment opportunity for many," added Vähi.
"We are creating a living environment here where high quality, sustainable solutions, and ultimate comfort become one integrated and contemporary architectural solution that we all have reason to be proud of," said Reterra's CEO Reigo Randmets, commending the Estonian company Salto Architects and the Latvian architecture bureau TECTUM for their professional work.
Each apartment has a separate ventilation and cooling system as well as underfloor heating. In total, 67 homes will be completed in two eight-story buildings – 1–4-room apartments with balconies and terraces. On Grostona Street, next to Riga Arena, the A-energy class exclusive homes start at €119,900 and will be completed in spring 2026. All apartments are sold with top quality interior finishing. In addition to Skanste Rezidences, Invego and Reterra are developing two more residential quarters in Latvia's capital, Parka Quartals and Miera Rezidences.
Over ten years of operations, Reterra has become an important player in the Estonian real estate market, developing residential and commercial projects in Tallinn, Tartu, and Riga. Reterra's current largest development is Hipodroomi Quartals in Tallinn – a future city of approximately 350,000 m² where over 1,000 homes, 130,000 m² of commercial space, and Estonia's first underground intra-district traffic tunnel will be built. The company has built over 1,000 homes and manages 70,000 m² of commercial space, whose tenants include Telia, Pipedrive, Selver, Coop, Leonhard Weiss, and others.
The Invego group is a next-generation real estate developer operating in three countries, specializing in creating large residential areas and business quarters with comprehensive concepts that shape future urban space. With more than 10 years of operational history, the Invego group includes over 60 companies in Estonia, Latvia, and Portugal, and currently has 30 different development projects in progress. The Invego group has developed more than 150,000 m² and has an additional 450,000 m² of residential and commercial real estate in progress.
