Invego and Reterra Joint Venture Signs 36.7 Million Euro Contract with MONUM SIA for Construction of Miera Rezidences Residential Complex in Riga City Center

Miera Development SIA, part of the Invego Group, concluded a construction contract worth 36.7 million euros (30.3 million euros excluding VAT) with the Latvian company MONUM SIA for the construction of the Miera Residences residential area in central Riga. The first phase of the project, developed in cooperation by Estonian developers Invego and Reterra, will be completed in spring 2028.

According to Invego CEO Kristjan-Thor Vähi, what makes the project special is its location on Miera Street, a historically developed and densely built area where new residential developments are very rare. "The strength of the Miera area lies in the fact that it is not a typical development zone, but rather an already established neighborhood with its own distinctive character and identity. Our desire is to complement this character with a new living environment, not to change it. That is why we have paid great attention to high-class architecture, energy efficiency, and contemporary solutions to create homes that have all the conveniences of city life, but also plenty of greenery and peace," says Vähi, noting that the Miera project has also proven popular for purchasing investment apartments.

According to Reterra CEO Reigo Randmets, reaching the construction phase is an important milestone for the entire development. "Miera Residences is a project that has attracted great interest, and for us it is now important that the construction carries forward the quality and vision that we have set for the project from the beginning. In selecting the construction partner, we considered both technical competence and willingness to engage in long-term, quality-focused cooperation," notes Randmets, adding that construction work will begin in the coming weeks.

Miera Residences will rise on Miera Street in central Riga, which is known for its distinctive architecture, greenery, and diverse cultural life. A total of 172 energy-efficient new homes will be built in two phases, and the total investment in the project amounts to 40 million euros. The development has already attracted considerable attention before the start of construction work and received thousands of inquiries before the project's official sales launch.

The architectural concept for Miera Residences was selected through an architectural competition and was developed by the Latvian architectural firm Tectum. The apartments feature spacious balconies and terraces with 2.8-meter-high ceilings and large floor-to-ceiling windows that bring openness and plenty of natural light to the homes. The thoughtfully planned apartments are A-energy class, and the homes will have a secure courtyard that offers greenery and recreational activities.