The Riga City Council’s Property Committee has advanced a draft decision on the development of the Riga Central Market, providing for long-term cooperation with the municipal company SIA “Rīgas nami” and an investment of more than 22 million euros in the development, preservation and renovation of the market pavilions, territory and infrastructure.
The draft decision provides for extending the contract with SIA “Rīgas nami” for the management and maintenance of the Riga Central Market until 24 April 2067. At the same time, the company has been assigned specific obligations regarding investment, the improvement of the market infrastructure, restoration of historic buildings and implementation of new development projects.
“Today’s decision is a strategically important step towards reviving the Riga Central Market as one of Riga’s gems. The future vision for the Central Market must go beyond simply improving the market as a trading venue. We see it as a place where, alongside quality food and business, there is room for culture, creative industries, education, innovation and community activities. At the same time, it is very important for us to preserve what makes the Central Market unique – its historic architecture, identity and function as a market. The development of the Central Market is no longer just a plan – specific funding, deadlines and works have now been established, with their implementation entrusted to “Rīgas nami””, says Edvards Ratnieks, Vice Mayor of Riga.
SIA “Rīgas nami” is required to secure an investment of 21.2 million euros for the development, preservation and renovation of the pavilions and territory of the Riga Central Market. Funding is planned to come from the company’s own resources, the European Union funds and programmes, loans and other financial instruments, with no additional funding from the local government budget allocated for this purpose.
In addition to these investments, “Rīgas nami” has undertaken to carry out the works necessary to ensure the structural safety of the former Meat Pavilion, with an estimated cost of 1.385 million euros. The works will also include the restoration of the load-bearing structures of the basement and the load-bearing metal structures of the pavilion’s roof. The procurement procedure must be completed by the end of 2026, whilst the works must be completed by July 2027.
“It is particularly important that we are providing not only funding for infrastructure, but also a specific way for attracting private investment. The former Meat Pavilion is one of the sites set to be given a new lease of life, whilst preserving its historical value. An auction for lease rights is planned to be announced by May 2027, with a view to attracting a long-term tenant and investor who would renovate and develop the pavilion,” says Edvards Ratnieks, Vice Mayor of Riga.
To establish a unified vision for the future of the Riga Central Market, “Rīgas nami” will be required to organise a design competition entitled “Development of an Architectural and Design Concept for the Riga Central Market” within six months. In turn, the development of the market is expected to follow several key principles: ensuring a high-quality and sustainable food offering, creating green and accessible public outdoor spaces, fostering the development of cultural and creative industries, promoting local businesses, and ensuring transparent and professional management.
Ratnieks notes that “Rīgas nami” has been tasked with developing an indicative schedule of works and investments for the development of the Riga Central Market over the next five years, setting out the works to be carried out and their estimated costs. “Rīgas nami”, in collaboration with potential investors, will also be required to work on attracting investors and implementing development projects.
For additional information: Inese Ozoliņa Adviser to E.Ratnieks, Vice Mayor of Riga inese.ozolina@riga.lv