PROMO / December
Publicity photos
HIGHEST
STANDARDS
of urban construction
The
Virtually anything except industrial production facili-
ties may be built within the zone, which means that
prospective tenants can enjoy unlimited possibilities
in terms of what they want to realise.
One of the most impressive New Hanza projects
will be a three-storey building complex suitable for
any A-class tenant(s). The total area of the project is
92,000 m 2 , of which 52,000 m 2 will be designated
as office space (sufficient for 5000 employees),
including 500 parking spaces. ‘This project is unique,
and we are currently looking for an investor with
whom to further its development. The investor will
reap the rewards of not only a convenient location
and an excellent environment with a new and
organised infrastructure, but also one of the greatest
values of all – time saved. As soon as an agreement
is made, construction work on the project can
resume immediately. The project has already been
coordinated and its construction permit is valid. We
have saved the investor about four years out of the
project’s timeline,’ says Edgars Miļūns.
The Pillar Group currently engages as a
full-cycle real estate developer in the Latvian
construction industry. It is involved in all project
phases, from idea generation to building design,
construction, tenant procurement, building
management, and, if necessary, sales.
Pillar would create only
contemporary, high-quality
business projects
Edgars Miļūns,
Chief Executive Officer at Pillar
124
/ airBaltic.com
Having a strong vision of what a well-planned
and modern urban environment should look
like, Ernests Bernis, the owner and a co-
director of ABLV Bank, came up with the idea
of establishing the concern. ‘Our main driver is
Mr. Bernis’ appreciation of quality and a keen
interest in urban development,’ says Edgars
Miļūns, Chief Executive Officer at Pillar. ‘The
decision to create a group of companies was
based on the commitment that Pillar would
create only contemporary, high-quality busi-
ness projects that are flexible and adaptable to
a diverse range of customers. It is important
for us to keep as much control as possible at
each stage of development in order to ensure
maximum quality and to prevent any missteps
from occurring.’
Pillar was created in 2008 when, in re-
sponse to the global economic recession, ABLV
Bank founded its subsidiaries in order to man-
age and realise assets belonging to debtors who
could no longer repay their loans. Since this
line of business is no longer relevant, Pillar has
now become a professional full-time real estate
developer. The group includes Pillar Manage-
ment, Pillar Development, Pillar Architek-
ten, Pillar Contractor, Pillar RE Services,
and Pillar Energy.
A good indicator of Pillar’s philosophy and
integrity is the Group’s current top priority:
one of the most ambitious real estate develop-
ment projects in Latvia – New Hanza – a city
within the city, or more precisely, a centre for
both financial transactions and cultural leisure.
Uniquely located adjacent to the historic centre
of Riga and around 24 hectares in size, the New
Hanza site will be developed into a modern ur-
ban neighbourhood with office buildings, resi-
dential buildings, a museum, a cultural-event
venue, a park, and other features that will
provide a quality living and working environ-
ment for many thousands of Rigans. It will also
serve as a platform for business and cultural
events on a European scale.
Historically, the site was one of the most
important transport, logistics and transaction
hubs for the rapidly growing city of Riga – the
city’s main railway freight station and yard. In
order to adapt the site to suit modern require-
ments, Pillar has built a completely new
and independent infrastructure consisting of
everything from street construction to the in-
stallment of systems for sewerage, heat supply
and telecommunications, all of which has been
carefully integrated into the urban environ-
ment. Tenants and investors will not have to
worry about outdated communications or even
about the accumulation of rainwater on streets
and walkways – excess runoff will drain into a
specially designed reservoir around which a
park is planned to be constructed. ‘We know
what a modern city should be like. Everything
here will be new and planned-out to the last
detail, while also respecting and preserving the
history of the place.’
The first phase of infrastructure implementa-
tion – construction of all roadways and laying of
underground utility lines – is now completed.
New Hanza employs the ‘plug and play’ principle – all
the investor has to do is select an undertaking, because
all of the necessary tech and engineering is already in
place and set to go, allowing the investor to focus on
the main thing – the creation of their own business.
Moreover, if the investor does not have their own project
development team, Pillar can provide a complete set
of services, ranging from designing the building to its
management once it is completed.
‘Looking at the office-building market in Riga, we see
that it has stagnated over the last ten years, and our
neighbours – Lithuania and Estonia – have overtaken us.
In a sense, it is a paradoxical situation: it is difficult to de-
cide on the construction of an office building if there is no
set tenant, but it is also difficult to decide on the location
and development of a business office if there is no suitable
place for it. In response to this stalemate, our vision is to
create an environment that understands business needs
and provides the highest quality services in this field,
from project initiation to management of the completed
building, without skipping any of the intermediate stages
of development,’ is how Edgars Miļūns addresses potential
leaseholders and investors. ‘I would like to contend that
Latvia has yet to see a project of this size, and with such
care devoted to the entire process, implemented so far.’
To confirm that New Hanza can truly become ‘a
city within the city’, Pillar is planning to launch a
unique project in the spring of next year, namely,
Hanzas Perons – a new, multifunctional space located
within the historic Central Freight Station building.
‘This culturally and architecturally important building,
which has no analogue, brings added value. We have
taken care to save this testimony to history by giving it a
breath of fresh air – new, high-tech solutions will allow
Hanzas Perons – a new, multifunctional space located
within the historic Central Freight Station building
New Hanza’s three office buildings will provide over 52,000 m 2
of Class A leasable office space complemented by co-working
spaces, catering, and leisure facilities on the ground level
for quickly adapting the space between events, even
making it possible to hold up to three separate events
simultaneously,’ says Edgars Miļūns.
The Contemporary Art Museum is also slated to
be built in New Hanza, with a building designed by
the world-famous architect David Adjaye of Adjaye
Associates. ‘This is a good example of Pillar’s
approach – we hold international architectural
design competitions because we are always looking
for the best solutions and we want each building to
be exceptional,’ says Edgars Miļūns.
Besides New Hanza, Pillar is also currently
developing other projects: office building parks and
logistics centres owned by New Hanza Capital, one
of which is currently being redeveloped to become
one of the largest logistics centres in Riga. The
office park on Maskavas iela – construction of which
is planned to be completed by mid-2020 – is also
currently offering spaces for tenants.
Another large and interesting site that Pillar is de-
veloping is the former industrial park of Riga’s VEF
electrotechnical factory, which includes the former
manufacturing building and surrounding campus.
‘We are currently working on a project that includes
renewal and transformation of the site. The VEF
factory is a site of historical importance, the place
where such innovations as the famous Minox mini-
camera (1937) were invented and produced. Our vi-
sion is no less interesting – in the near future this site
will be a good fit for, say, IT companies or currently
trending co-working spaces,’ reveals Edgars Miļūns.
Reconstruction of the former VEF site is planned to
be completed by the end of 2020.
pillar.lv
Baltic Outlook
/ 2018 / 125