One of Russia’s largest mixed-use developments will provide a new commercial heart for St Petersburg.
An Anglo-Swedish joint venture is to build a $248m transport and commercial centre in the middle of St Petersburg.
The project, one of the largest commercial developments in the country, involves a complex of office buildings, shops, hotel and railway facilities on a site adjacent to the city’s existing Moscow station.
Development partners Taylor Woodrow and Skanska are working for the High Speed Railways Russian Shareholding Company, with backing for the scheme from the city authorities. Work is scheduled to begin as soon as financing arrangements are completed by Banque IndoSuez and SBC Warburg, and is planned to be completed in 42 months.
A three-phase development on the 5.2ha site will provide 67,500m2 of offices, a 31,100m2 hotel, terminal building and apartments, in addition to the railway terminal and rail company offices. The first phase consists of four office buildings, two new-build and two utilising existing blocks on the site. Further office space, the hotel and apartments will follow, with the rail facilities forming the final stage of the development.
And in Moscow, Turkish developer IDL, advised by Colliers International, is working on an 11,000m2 refurbishment to provide retail, restaurant, office and residential space in a development in Ostojenka district, close to the Kremlin. The nine-floor, 19th-century building is being transformed to provide modern, secure offices. The project is scheduled for completion later this year.
