New apartment buildings to be presented in Ventspils

Author: Municipal company  “Ventspils Real Estate”
On 20 May, two new multi-apartment rental buildings at 122 Saules Street in Ventspils will be officially opened. The buildings were constructed with funding attracted through the low-rent housing construction programme. The completion of the project and the availability of the new apartments mark an important step in the development of the city’s housing stock, offering modern and high-quality rental housing.

​The project “Construction of Rental Housing at 122 Saules Street, Ventspils” was implemented with support from the development finance institution ALTUM, using a loan provided under the European Union Recovery Fund programme. As part of the project, two five-storey apartment buildings were constructed, providing a total of 60 rental apartments — including 2 studio apartments, 20 two-room apartments, and 38 three-room apartments. Starting from June this year, 60 households will be able to move into their new homes at 122 Saules Street.
 
The apartments feature open-plan layouts and fully completed interior finishes. Each staircase is equipped with an elevator, while the landscaped courtyard includes a children’s playground, paved parking areas, bicycle storage facilities, and underground waste-sorting containers. The territory is fenced, ensuring privacy and security for residents.
 
The aim of the project “Construction of Rental Housing at 122 Saules Street, Ventspils” is to provide residents with modern and energy-efficient rental apartments. The project is particularly significant because these are the first entirely newly built multi-apartment residential buildings in Ventspils since the restoration of Latvia’s independence.
 
The construction was made possible through funding provided under Investment 3.1.1.4.i “Establishment of a Financing Fund for Low-Rent Housing Construction” within the “Regional Policy” reform and investment direction of the European Union Recovery and Resilience Facility Plan.
 
Of the project’s total costs, the contribution from the property developer Ventspils Real Estate amounts to EUR 288,495, while the loan from ALTUM totals EUR 5,982,450. The co-financing provided by the Ventspils State City Municipality amounts to EUR 172,437. Following completion of the project, the developer Ventspils Real Estate may receive an additional capital rebate of up to EUR 1.48 million, which will be granted after the apartments have been rented out.