Real estate developer VPH Latvia SIA has signed a construction agreement with the general contractor Mapri Būve SIA for the development of the new Fabrika commercial complex at Valmieras Street 2, Riga.
The project’s total investment will reach almost EUR 45 million.
The start of construction marks the Fabrika quarter’s official transition into full-scale implementation after several years of design, permitting and regulatory approval stages. Construction is scheduled to be completed in early 2028, with the complex expected to open to visitors in the first quarter of 2028.
The new retail, services, sports, healthcare, office, dining and leisure complex will be built on the historic 4.7-hectare site of the former Riga Dairy Factory site. Until now, this closed, publicly inaccessible and partly degraded site will be comprehensively restored and opened up to the city, creating an accessible and well-appointed environment for visitors, employees and local residents. The project’s architectural concept is built around the four most valuable historic buildings, which will be preserved and integrated into the new development.
The complex will offer around 20,000 square metres of leasable space. Lease agreements have already been secured for 60% of the premises.
One of the central elements of the Fabrika quarter will be the new “MyFitness” flagship club. The 5,500-square-metre complex is planned to include a 25-metre four-lane swimming pool, a spa area, three padel courts, a state-of-the-art gym, as well as specially designed areas for group classes and functional training.
COBALT team led by Managing Partner Dace Silava-Tomsone advises VPH Latvia on permitting matters, design, construction and lease agreements.
COBALT advises the client since 2022, when the Riga Dairy Factory site was acquired.
Leading experts
