Famous artist Janis Rozentals will be the first beneficiary, 150 years after his birth.
The area beside the newly-renovated National Art Museum at the junction of Elizabetes and Valdemara streets will be renamed Jaņa Rozentāla laukums (Janis Rozentals' square) in his honor.
Meanwhile an open space 17 Balva street will be named after the Armenian capital city, Yerevan, according to a city council committee.
The name of Erevānas dārzs (Yerevan park) is a tribute to one of Riga's twin cities and the design of the park will feature "Armenian national elements" in the landscaping as well as a children's playground which will "symbolize the Armenian people's sincerity and respect for family values".
The design work will be funded by "Armenian entrepreneurs" but the city council will pay for the actual construction of the park, an official release said.
The final decision on the new names will still have to be adopted at a Riga City Council meeting.