Estmak Capital 2024: From Street Art to Skyline Dreams

The year 2024 was exceptional for us – filled with ambitious projects, bold undertakings, and achievements that added vibrancy to urban spaces in both Riga and Tallinn. Many dreams came true, visions of creating better living and working environments became reality, with sustainability and community development at their core. 

We are immensely proud of our hardworking team and grateful to all our partners who had the courage to join us on these bold endeavours.

So, what shaped our journey in 2024?

Versum: A Unique Three-in-One Business Solution in Riga

The Versum business hub stands out in Riga’s commercial real estate landscape with its innovative three-in-one concept, seamlessly combining showroom, office, and warehouse spaces under one roof.

Last year marked a turning point for Versum with the completion of its first phase: two sustainable buildings spanning 8,000 square meters. Many tenants have already moved in, and demand for flexible spaces continues to grow.

The work, however, continues. In the second half of the year, the second construction phase began, which takes Versum’s BREEAM-certified development to the next level. At the topping-out ceremony for the third building, it was clear that all the partners share our vision of making Versum a new standard-setter for Baltic commercial real estate.

Novotel Living: A Hotel With a Homelike Feel in Tallinn

The Novotel Living apartment hotel, located between Tallinn’s Old Town and ferry terminal, is more than just a hotel. This unique concept in the Baltics is a home away from home, designed for both short stays and extended visits.

But what makes Novotel Living truly special? It starts with the spaces, which feel more like stylish apartments than hotel rooms. With open layouts, kitchenettes, and even washing machines, these accommodations are designed to provide a truly homely experience. Communal areas, a gym, and workspaces add to the convenience, fostering social interaction and active lifestyles.

In 2024, the LEED Gold-certified building reached a major milestone with its topping-out ceremony, showcasing its progress toward a 2025 opening. Spanning nearly 13,000 square meters, Novotel Living is set to attract a diverse group of visitors, enriching the area’s cultural vibrancy and boosting the local economy.

Legal Graffiti in the Heart of Tallinn

In 2024, we brought an explosion of colour to central Tallinn with a graffiti festival that turned the construction fences of Novotel Living into vibrant canvases for young artists. The event wasn’t just a visual delight but also a cultural statement – we wanted to show that street art can be an integral part of modern urban design.

Tourists walking from the port into the city admired the graffiti-covered fences long after the festival ended. Our aim was to prove that Tallinn is a youthful and vibrant city that embraces all forms of art and isn’t afraid to showcase its forward-thinking mindset.

Lāčplēša Skvērs: Progress and New Partnerships

The Lāčplēša Skvērs, rising near Riga’s Old Town in a UNESCO heritage area, made significant progress in 2024, largely thanks to partnerships with Lidl and CityParks. 

The collaboration with Lidl brings a two-floor store to the district, seamlessly blending into the quarter’s historic and modern architecture. The newly completed parking lot is managed by CityParks, whose smart e-parking solutions make visiting the area easy and convenient.

The entire Lāčplēša Skvērs focuses on a human-centered urban environment where cars are secondary, creating spaces for pedestrians and cyclists to enjoy greenery and culture.

Wittenhof: A Glass Dream With Rooftop Soon Becomes Reality

In 2024, we reached a major milestone with Wittenhof, a residential and business quarter near Tallinn’s hippodrome. All planning was finalized, and the necessary building permits were secured. According to current plans, the upper floors will offer stunning views of both the sea and Old Town by 2026. 

Wittenhof stands out for its modern architecture and sustainable design. Elegant glass facades, light-filled interiors, and rooftop terraces make it a welcoming space for both residents and businesses. Its energy-efficient solutions meet the expectations of contemporary urban living.

A Busy 2025 Awaits!

The past year proved that achieving ambitious goals is possible – but it requires determination, smart solutions, and strong partnerships based on trust.

For us, projects will never be just buildings. We see every development as an important chapter in the story of a future city, where people, nature, innovation, and sustainability come together.

Looking ahead to 2025 – our plans are even more ambitious, though we can’t reveal them just yet. Follow our journey and engage with the inspiring stories of urban transformation on Estmak Capital’s blog.