The property company Valsts Nekustamie Ipasumi (VNI) has announced that reconstructing the New Riga Theater will cost €31 million. Of that, around €21 million will be for construction costs, with the other €10 million set aside for supervision, equipment and foreign expertise. This announcement will come as an unpleasant surprise, since a proposed project budget in 2014 budget suggested the reconstruction would cost €19 million. However that estimate didn’t provide a reconstruction plan or take in to account the specific needs of the theater. Two companies have placed bids on the project, that is expected to be funded by the Latvian government and the European Union. The bids from Rere Buve 1 and BBA Un RT are currently being assessed. Once a winner is chosen construction on the site could begin this summer, with completion due in 2021.
