“Z-Towers” switches to high-end residential propertyBy Anatol Steven. 13.06.2013High-rise twin towers in central Riga remodeled as exclusive apartmentsZ-Towers, a twin-tower high-rise construction project in central Riga, has switched its concept from upscale hotel and A-class office space to an exclusive residential property. Originally begun before the economic crisis in 2006, construction was halted for a while, then began again once confidence returned to the Baltic market. The towers, planned at 31 and 29 floors, respectively, are already half completed. Located across from the Old Town in Pārdaugavā at Daugavgrīvas Street 9a, the project is due for completion in late 2014. Sales are scheduled to start officially on August 1 this year, but the first sale has been reported: a penthouse for €6.14 million. The size of the apartment has not been revealed. The original plan was for Z-Towers to house a Sheraton hotel, office space, a multifunctional event center and shops. However, new developments in Latvia’s property market have prompted a change in the concept. These changes include the five-year Latvian (and therefore EU) residence permits given to investors who buy real estate in Latvia. The scheme, launched in 2010, is proving highly popular with non-EU citizens looking for a comfortable second (or tenth) home within easy reach of Riga’s well-connected airport and the resort of Jurmala. The Z-Towers project is being developed by AS Tower Construction Management, owned by SPI Group. The latter group is owned by Yuri Shefler, an elusive Russian businessman who, through SPI, also owns the historic Latvian drinks manufacturer Latvijas Balzams. |
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