The development of the UL Academic Centre started in 2004 with the endorsement of the University's “Development Strategy 2004-2010”. Also in 2010, the idea of setting up a single study and research centre (hereinafter referred to as the Academic Centre) is gaining support in the Senate in approving the UL Strategic Development Plan for 2010-2020.

At the meeting of the Cabinet of Ministers on 11 August 2009, the information report “On the development of the technical base for studies and scientific work at the University of Latvia" was examined. In approving the creation of an Academic Centre, the government grants UL a land plot on Jelgava Street 1.

Academic Centre Stage I implementation starts in 2012 with a tender for the best idea for development. On 27 September 2013, UL signs the contract for building the house of Nature and successfully concludes it in September 2015. The European Union (EU) Structural Funds from the ERDF were used to finance the project.

In 2015, in order to provide the area needed for further development of the Academic Centre, UL and Riga city council (RD) carried out an exchange in real estate – by exchanging the building in Kr. Valdemar Street 48 against a plot of land owned by Riga city council at Vienības gatve 7, which borders the land already owned by UL on Jelgava Street 1.

In 2016, continuing the development of the AC, UL launched cooperation with the EIB by submitting a Stage II project - an application for funding the house of Sciences and house of Letters. ERDF funding of EUR 40.5 M has already been mobilised for the construction of the house of Science. In April 2017, following an in-depth survey of UL's activities and projects (Due Diligence), the EIB Committee approved a Stage II development programme with a loan of EUR 30M.

In line with EIB policy, the Council of Europe Development Bank (CEDB) is also associated as a partner for the financing AC development programme Stage II projects. Following an in-depth survey of the activities and projects of UL in 2018 the CEDB grants a loan of EUR 11,5 M, thus providing the necessary financing for the realisation of Stage II projects. UL was the first in the Baltic region who received funding from the European Investment Bank for development projects.

In 2017, UL starts the construction of the house of Science and a formal opening of the building is under way after 18 months, in January 2019.