Invego signed a 51.9 million euro construction contract with Pillar Contractor for Vītolu Park

Estonian real estate developer Invego has signed a construction contract worth 51.9 million euros (42.9 million euros excluding VAT) with Latvian company Pillar Contractor SIA to develop the Vītolu Parks residential area in the Sarkandaugava district of Riga.

According to Invego CEO Kristjan-Thor Vähi, the large-scale development project construction work will begin in the coming weeks, and the first houses will be completed next year. "The Vītolu Parks residential area with a total of 363 apartments will create an integrated and modern living environment, with a carefully thought-out and versatile green space at its center," Vähi described, adding that Pillar Contractor SIA, one of Latvia's leading and most respected construction and design companies, was selected as the construction partner for the new residential area. "We consider this project very important to our partner's ability to bring our vision of quality and human-centered living space to life," Vähi explained and expressed confidence that thanks to successful cooperation, Riga's urban landscape will gain plenty of quality and sustainable residential space in the coming years.

Jānis Lāčaunieks, chairman of the board of Pillar Contractor SIA, considers the construction of the Vītolu Parks residential area to be a great responsibility, which is approached with utmost care. "We are pleased to apply our experience in building energy-efficient apartment buildings in a large-scale project where we pay attention to every detail," emphasized Jānis Lāčaunieks.

The new A-class energy-efficient residential area consists of eight seven-story buildings, surrounded by parks with multiple inner courtyards, playgrounds and sports facilities, pedestrian and cycling paths, and leisure areas. Vītolu Parks was created in cooperation with the architecture firm RUUME architect and combines modern architecture, sustainable solutions and closeness to nature in the immediate vicinity of Riga's city center, between the Skanste district and the peaceful Mežaparks.

Vītolu Parks is being developed in four phases and apartments in the first buildings are already on sale. Construction of the first phase will begin in the coming weeks and the first two apartment buildings will be completed next year.