Urmas Sõõrumaa prepares large property development in Riga13.06.2012, 10:29
Estonian property developer Urmas Sõõrumaa is planning to start development of a 80,000 square metre building complex in the Rigas Sporta Pils property.
The development is expected to cost around 100 million euros.Sõõrumaa’s investment company Rotermann Grupp is already discussing with possible US and Asia investors.
„We have not yet decided whether we will build an ice stadium or a Chinese business district, but we plan to move along with this project by the end of this year,” said Sõõrumaa.
According to plans, the company will develop a Class As business district and luxury residential buildings in the area.
Sõõrumaa acquired the 2.5 hectare property in central Riga from Andris Skele before the real estate crisis.
Next to the property is the Freedom Monument, one of the landmarks of Riga.