Estonian real estate developer Reterra has three residential buildings under development and construction in Riga, and the Lacplesa Plaza commercial building – now being added to its portfolio – is the company’s fourth project in the Latvian capital.
The building, located at 76 Lacplesa Street in Riga, has entered the active construction phase, with 75 percent of its space already secured under lease agreements. Completion is scheduled for summer 2026.
The total area of the four-story office building is 1,617 square meters, including 405 square meters of commercial space and 1,212 square meters of office space.
“The size of the commercial premises can be tailored to the tenant’s needs, both during construction and later. The spaces are suitable for small teams as well as larger companies,” said Kaspar Markus, Sales Director at Reterra.
Lacplesa Plaza is located on the same plot as a Lidl store currently under construction. In the future, the area will be complemented by the Rail Baltic terminal. The surrounding district is developing rapidly, with five new apartment buildings and the modern multifunctional business complex FABRIKA (HYPP) under construction. Several important sites, including Norvik Plaza, ORIGO and the Zuzeum art center, are also nearby. The commercial building sits in Riga’s historic industrial quarter, formerly home to a glue factory and a cork factory. According to Karlis Graudins, a board member of DUAL Arhitekti, which is responsible for the architectural design, the area has significant potential for rapid revitalization.
“In the grand scheme of things, our project is the first step toward the broader redevelopment of this city district,” Graudins said.
According to Markus, Latvia’s real estate market has seen a revival over the past year.
“Residential development has become particularly active, with fresh momentum among both local and foreign developers. Several projects in Riga are being developed by Estonian companies — a sign of strong interest in the region’s growth opportunities,” he said.
The intersection of Lacplesa and Satekles streets, where the new building is being erected, is one of central Riga’s busiest transport hubs. Around 1,400 vehicles pass through Satekles Street per hour, and about 1,500 along Lacplesa Street. Pedestrian traffic is also significant, with 270-280 people during peak hours and 120–160 during off-peak times.
“Thanks to its location in the heart of Riga, the commercial building is easily accessible by public transport, car and bicycle,” Markus added.
Lacplesa Plaza is being built by MAPRI Buve.
“This project is a prime example of how Estonian and Latvian companies can shape the future of Riga’s urban space together. Our goal is to create a building that adds value to the wider region. We believe in it so strongly that two floors of Lacplesa Plaza will also house our own new office space,” said Arturs Sausins, CEO of Mapri Buve Latvia.
The 76 Lacplesa Street development marks Reterra’s first commercial real estate project in Latvia. In addition, the company has three other projects in partnership with Invego – the Parka Kvartals and the Skanstes and Miera Rezidences residential developments – the first two of which are already under construction. Altogether, Reterra’s ongoing projects in Latvia, including underground space, amount to 15,736 square meters.
Source: BNS
(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited)
