Construction of the Skanstehof Residential Project in Riga Launched with Support from BluOr Bank

January 29, 2026

Real estate developer InCity Capital has secured EUR 2.92 million in financing from BluOr Bank for the construction of the new residential project Skanstehof in Riga. The total investment in the project by InCity Capital and its financial partner Merito Partners is expected to reach EUR 4.5 million. The project involves the development of an eight-storey residential building comprising 33 modern, bright and energy-efficient two- and three-room apartments, with a total floor area of 2,300 square metres.

The new apartment building will be located at 49 Hospitāļu Street, one of Riga’s most sought-after neighbourhoods, where the calm, green Hospitāļu Street meets the dynamic and rapidly developing Skanste district. The building is designed to meet A-class energy efficiency standards, ensuring a high level of living comfort and low operating costs. All apartments will feature spacious terraces and will be offered with full interior finishing. The top floor will include three penthouse-style apartments, while storage rooms will be available on the ground floor. Shared areas will also provide dedicated spaces for bicycles and baby strollers. Special attention has been paid to the needs of families. One of the key advantages of Skanstehof is the ability to offer a functional three-room apartment within the footprint of a standard two-room layout. This approach is particularly appealing to families with children, as it allows for separate spaces for parents, children or home offices, without compromising comfort or affordability.

“Skanstehof is an important milestone for us, marking a new stage in the development of InCity Capital, as it is our first ground-up construction project. We currently see strong market demand for high-quality, well-designed homes close to the city centre, and this project directly addresses that demand. We are pleased to have secured financing from BluOr Bank — a stable and reliable partner that believes in the quality and potential of this project,” says Mihails Petrišins, Chairman of the Management Board of InCity Capital.

Construction works on the site began in December 2025, with piling and foundation works already completed. The building is scheduled to be commissioned in May 2027. Construction is being carried out by SIA AMP projekts, a long-standing partner of InCity Capital, recognised for its reliability in previous development projects.

The project will also include 11 above-ground parking spaces and a children’s playground, creating a safe and family-friendly living environment. Energy efficiency and acoustic comfort will be ensured by triple-glazed windows, while the building’s architecture has been designed to blend seamlessly with the existing streetscape of Hospitāļu Street and its surroundings.

InCity Capital has been active in the real estate market since 2019 and has delivered renovation and redevelopment projects with a total value exceeding EUR 25 million. These projects have resulted in, or are currently developing, 330 apartments, significantly expanding the residential housing stock in Riga and the surrounding areas. While the company has traditionally focused on high-quality reconstruction projects, Skanstehof represents its first new-build development.

Merito Partners is one of Latvia’s leading investment companies, managing more than 10 investment funds and overseeing over 20 sustainable energy, specialised real estate and long-term (evergreen) investment projects with a combined value of at least EUR 150 million. The funds managed by Merito Partners include investments from 220 private and institutional investors from Latvia.