During the ceremony, along with the laying of the cornerstone in the foundations of the new SĀGA Lifestyle shopping center, its first tenants – Būvniecības ABC, Jysk, Rimi Hypermarket – were announced. The planned investments in the development of the new center may reach 68 million EUR.
As it was announced before SĀGA Lifestyle Shopping center will focus on four main segments: homeware, daily needs, sports & entertainment. The SĀGA homeware segment will be presented by strong anchor tenants: Būvniecības ABC and Jysk; the daily needs segment – by Rimi hypermarket.
SĀGA has got unique concept for shopping center in Latvia, because this is the place that would combine shopping, leisure, sports, office center and some more additional opportunities to be announced later. A feature to highlight is a Street Hall concept with restaurants and cafes will be focused on craft and local offer. It is also planned to create a modern office center with a leasable area from 200 to 2000 square meters. Next to the center, there will be a pond with a well-equipped recreation area, which is a unique feature of this project and a new trend for the Latvian market.
Juris Barkans, the general manager of SIA VPH Latvia, informs that along with the construction of the shopping center, VPH has attracted Colliers International to take a role of strategic partner in SAGA concept development. Colliers is also appointed as exclusive leasing partner, that is actively working on attracting the tenants, including new brands attraction to Latvia. He points out that a strong developing and construction team with international experience has been involved in the project with a goal to successfully implement the concept that is absolutely new for Latvia.
According to Eriks Bergmans, partner of Colliers International, implementation of the SĀGA lifestyle shopping center project will start a new phase in development of the shopping center segment not only in Latvia, but in the Baltics as a whole. During the development of SĀGA center, the usual practices will be replaced by the concept of next-generation shopping centers, which are successfully being developed elsewhere in Europe, making the SĀGA lifestyle shopping centre an absolute benchmark of the shopping center in the Baltics. The new concept is based on focusing on actively developing segments and adopting to the new customers’ habits. Colliers’ role is to help to to develope the concept, lead the leasing process and coordinate marketing processes and coordinate the implementation ofarchitects’ and designers’ ideas.
UPB is the designer and general contractor of SĀGA Lifestyle shopping center is. London-based architectural firm TP BENNETT is involved in the development of architectural solutions.
Ugis Grinbergs, a member of the UPB Board of Directors, points out that this is a so-called "design & build" object, which includes both complex design and construction. UPB has extensive experience in designing and building green and sustainable projects, especially in Scandinavia. Currently, 58% of all objects in the UPB portfolio are green or sustainable; the company is delighted with the new concept of the new shopping center.
An important partner in the project is Ragnar Atli Gudmundsson, Managing Director of Thor Developments, who has over 35 years of experience in developing successful shopping centers in Iceland and the Baltics, such as the largest Reykjavik shopping center in Kringlan, IKEA and NØRDIKĄ in Vilnius.
SĀGA will be located on the border of Riga and Stopini districts, next to IKEA shopping center. The new center with a total area of 57,000 square meters is scheduled to be commissioned in the autumn next year.
SĀGA Lifestyle shopping center is being developed by SIA VPH Latvia together with Estmak Capital. VPH develops and manages world-scale commercial real estate for international and local tenants in the Baltic States and Belarus. The success of a company is based on a tenant-first approach, means that the tenants are the driving force for improvement. The projects developed by VPH include Nordika Shopping Valley in Vilnius with its location next to IKEA. So far in Latvia, in 2014, the company has developed Mežciems shopping center and managed it until 2017.
In turn, Estmak Capital investment and development company has been developing innovative and high-tech quality residential and commercial real estate projects in the Baltic States since 2008. The company’s focus is a green building – one of the world's major trends for the past few years, which aims to reduce energy and material consumption throughout the building's life cycles.