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Riga Central Market’s restoration to require EUR 18 million more than planned

Photo: pixabay.com
Restoration of territories of Riga Central Market will cost EUR 18 million more than initially estimated. Funds are required for two separate projects – reconstruction of the market’s cellars and restoration of the central market’s channel infrastructure and public outdoor space.

The total worth of the project is EUR 30 million. Part of the funding may come from the state and European Regional Development Fund. With that, municipality’s co-financing could reach EUR 21.61 million, as decided by Riga City Council’s Finance and Administration Affairs Committee on 10 April.

According to information from LETA, the project’s costs were estimated at EUR 12.04 million last year. According to representative of the City Development Department Oksana Dumpe, estimates were based on the minimal composition of the construction project. The price increased as a result of the project’s full development and conclusion of construction procurements.

The budget of the cellar reconstruction project is EUR 13.35 million, of which EUR 2.75 million will come from the European Regional Development fund, EUR 1.3 million – from the state and EUR 9.29 million from Riga municipality.

The goal of the project is restoring Riga Central Market’s cellars, delivery area and channel, as well as create a favourable environment for businessmen, improve economic activity, create new jobs on the market territory and offer residents and guests with quality and competitive products and services.

It is also planned to restore the Fish Pavilion’s cellar, as well as tunnels connecting the Meat, Milk, Gastronomy and Roots pavilions and their engineering communications, elevators and anterooms. Plans include installation of a fire safety system and cold storage room.

In addition to restoring the market’s territory, it is planned to create 30 new jobs and secure influx of private investments worth EUR 1 million.

The total costs of restoring Riga Central Market’s channel infrastructure and public outdoor space are estimated at EUR 16.65 million. EUR 2.42 million is planned to be attracted from European Regional Development Fund, EUR 1.9 million from the state and EUR 12.32 million from the municipality.

The goal of the project is preserving, protecting and developing cultural heritage – the ensemble of the central market’s pavilions and their surrounding territory, create new services to ensure lasting development and economic sustainability.

Both projects are planned to be implemented between 1 May 2019 and 3 December 2022.


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