New Residential Development in Āgenskalns Secures EUR 3.4 Million Financing from Signet Bank

Signet Bank has provided EUR 3.4 million in financing to SIA L 24 for the construction of two identical three-storey residential apartment buildings at 24 Lapu Street in Āgenskalns, Riga. The development will comprise 34 apartments, 35 underground parking spaces, and 21 storage units. The apartments are intended for short-term rentals. Construction commenced in April 2025, with completion and commissioning scheduled for September 2026.

The project is located between Jaunatnes Garden and Melnsila Street. The development site directly borders Jaunatnes Garden, which until the 1930s served as the private garden of the Augsburg summer residence. In developing the project, the team has sought to combine contemporary architectural solutions with the distinctive characteristics of Āgenskalns, including a human-scale urban environment, high-quality and historically compatible finishing materials, and thoughtfully designed landscaping.

Ronalds Vuškāns, Shareholder and Board Member of SIA L 24, comments:

I would particularly like to highlight the roof design, which follows the historically characteristic 60-degree pitch. The mansard level accommodates duplex apartments, creating an architectural solution that reflects the area’s heritage. Many of the city’s most architecturally valuable buildings feature this distinctive roof form.

In recognition of the site’s unique qualities and its proximity to the park, all 35 parking spaces and bicycle storage facilities have been incorporated into the buildings’ basement level. The surrounding grounds will be enhanced with extensive landscaping, visually extending the atmosphere of the adjacent park. The architectural concept was developed by architect Ventis Didrihsons, whose projects in Riga and elsewhere are widely recognised for their distinctive style and quality.

We are grateful for his contribution to the responsible development of this important site in Āgenskalns,

adds R. Vuškāns.

Our cooperation with Signet Bank throughout the financing process has been professional and efficient. Signet Bank’s proposal stood out both for its competitive financing terms and its long-term approach, with a financing period of 30 years. For us as a developer, this is a crucial prerequisite for delivering a well-considered, high-quality project,

Vuškāns notes.

Ineta Done, Member of the Management Board of Signet Bank, comments:

The development of sustainable, high-quality residential projects plays an important role in enhancing Riga’s urban environment and expanding the housing supply. Signet Bank’s financing enables the creation of modern, energy-efficient, and sustainable homes in locations where demand for quality living environments remains strong. Āgenskalns is one of Riga’s most sought-after neighbourhoods, distinguished by its strong identity, developed infrastructure, and green urban setting. We therefore see significant potential in projects that complement the area’s natural development while contributing to the growth of the real estate market as a whole.

About SIA L 24

SIA L 24 was established by real estate developers with more than 20 years of experience in delivering commercial, infrastructure, and residential development projects. The company was founded in 2019 specifically to implement the Lapu Street 24 project. The company’s shareholders have invested more than EUR 2.5 million of their own capital into the development. The building interiors and furnishings feature finishing materials and furniture from leading Italian manufacturers, with particular emphasis placed on quality, sustainability, and resident comfort. The apartments are intended for short-term rentals.