OP Corporate Bank provides EUR 13 million financing for the development of the “Pētersala” residential quarter by “Merko mājas”

“Pētersala” is a new residential quarter in Riga’s Quiet Centre, where “Merko mājas” combines the construction of new residential buildings with the restoration of historical architectural heritage. The project includes two new buildings, “Fera” and “Amia”, while “Valensis” and “Selonija” have been designed in honour of the Art Nouveau architectural heritage of architect Konstantīns Pēkšēns. The project is scheduled for completion in the summer of 2028.

"The Pētersala project brings together several aspects that are important for the sustainable development of Riga: a supply of new and energy-efficient housing, preservation of historic buildings, and the creation of a high-quality urban environment. Real estate development is a capital-intensive and long-term process, therefore bank financing plays a significant role in enabling projects of this kind. We are pleased to cooperate with an experienced developer and to support the development of the Pētersala quarter by ‘Merko mājas’ with EUR 13 million in financing," says Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvia Branch.

The buildings in the project will meet Energy Class A standards. Apartments will feature underfloor heating and ventilation with heat recovery, while apartments on the upper floors will also have air conditioning. An underground garage with parking spaces and storage facilities is planned beneath three of the buildings. Apartment sizes in the project will range from approximately 30 to 150 square metres.

The quarter will also feature a landscaped inner courtyard with greenery, children's playgrounds and recreation areas. It will be functionally connected to “Viesturdārzs”, a previously completed project by “Merko mājas”, and will provide access to Viesturdārzs.

"In developing the ‘Pētersala’ project, it is important for us not only to create new, modern homes, but also to improve and fully integrate into the urban environment a territory in Riga’s Quiet Centre, where new development must coexist with the historical surroundings. Therefore, we pay special attention both to preserving the existing architectural heritage and to ensuring that the new buildings and landscaping organically complement the surrounding environment. ‘Pētersala’ also continues the work we have started in the Viesturdārzs neighbourhood, creating an orderly and thoughtfully designed living environment for both future residents and the surrounding community," says Roberts Rēboks, Member of the Management Board of “Merko mājas”.