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Project Summary
The SPZ projectis a unique development opportunity on the rapidly growing Russian real estate markets.
The project consists of 7,24 hectares of land at Vasily island in the heart of St. Petersburg. The new St. Petersburg law on zoning, effective May 2008, provides for conversion of the former industrial area into a mix use zone (residential, commercial, services, office). Master plan of the area is pending approval not later than Q1, 2009.
The project is owned and managed by a Western based investment and development company. Ownership and other legal aspects have been resolved through a transparent holding structure of SPCs by internationally recognized standards.
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Location
The SPZproject is located in the heart of the historical St. Petersburg on Vasily island, within a few minutes drive from the Palace square and the Hermitage, next to Vasily island’s main thorougfare – Bolshoi prospect and it’s busy residential and commercial zones.
SPZis located in the center of major City and Federal infrastructural projects, which will highly improve the accessibility of the SPZarea and all of Vasily island both for cars and pedestrians; a new metro line extension (City of SPb 2015) with a metro station within 100 m from SPZ; a new bridge (Federal Program 2011) from Line 22-23 across the Bolshaya Neva; completion of the Western Speed Diameter, connecting Vasily island and it’s grand development project of the Morskoy Facade with Southern and Northern parts of the city.
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Location: Russia, St. Petersburg, Vasily island, one of the four central districts in the city
Type: Land plots; planning and zoning approved, Master pland of construction-approval pending
Total area of land: ca. 7,24 hectars
Development: approved 410 000 m2 gross:
- Office 90 000 m2
- Retail 50 000 m2
- Residential 110 000 m2
- Hotel 30 000 m2
- Others 130 000 m2
(incl. 2 500 underground parking lots)
Est. development period: 5-6 years
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