Within the framework of the St. Petersburg International Economic Forum (June 20–22, 2013), Renaissance Construction and ZAO Terra Nova signed an agreement on the implementation of the Marine Façade project in St. Petersburg.
The agreement stipulates expansion of the area of St. Petersburg’s Vasilievsky Island at the mouth of the Neva River.
The expanded area will be used for construction of residential buildings and commercial facilities. Total investment in the project will amount to two billion dollars. For the purposes of the project, approximately 40 hectares of land will be reclaimed. The residential buildings, with a total construction area of 1,003,300 sq m, will appear on four land lots. The project includes an underground parking lot with a capacity of 5,200 vehicles. The gross building area of the residential project is 800,000 sq m; the total area of the apartments will amount to 580,000 sq m. The area of commercial premises is 31,500 sq m.
The first step of the project implementation is land reclamation, which will start in Q2 2015 and is scheduled to finish in Q4 2016. The construction works will start in Q2 2016 and will be completed in Q1 2024.