ABLV crash halts major real estate projects in Riga

The crash of ABLV Bank has spelled the end of two major infrastructure projects in Riga, namely the New Hanza investment project and the Museum of Contemporary Art, both at the Skanste neighborhood in Riga.

"It's clear that what's happened destroys our attempt to build a new business quarter, New Hanza," said ABLV representative Oļegs Fiļs in a presser on February 27.

Up to €1 billion would have been invested into the neighborhood, including in building a school and a park. 

"Construction has been halted. Cooperation with all the undertakers has been halted," he said.

"Of course we'll pay everyone as soon as possible," said a palpably gloomy Fiļs.

A tram line leading to the would-be business quarter has already received €50 million in EU funding

The €30 million Museum of Contemporary Art project, in the same area of Riga, has also been halted, wiping out decades' worth of initiatives to allow enthusiasts see how Latvia's art has developed during the previous 50 years.

With designs by a world-famous architect already approved, it was to be built by November 18, 2021. 

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