The Moscow authorities have given the approval of another huge construction site in Mitino, the administrative district of North-Western Administrative Okrug.
The Capital Group, one of Russiaâ€™s biggest construction companies, will build a new zone of one million square meters.
The website Moskomstroyinvesta reported that the total construction area will be 975,200 squares. 675,000 square feet will be used for housing while the rest of other land will be allocated for public spaces including schools, business center, medical center, fitness center, playgrounds and parking. The company will also construct a big shopping complex and a modern hotel in the capital.
The area will accommodate more than 13,000 people. The estimated cost of the entire residential complex is $ 1.5 billion.
Urban Planning and Land Commission has given the approval of the new draft of city planning area in Mitino on 60 hectares. An official of commission said that this is the land of an ex-poultry farm, which owners sold to Uralsib, a leading Russian financial corporation.
In the mid-2000s, the company Zodiac was willing to build a gated community named â€śChristmas Hillsâ€ť on this land. They took the project into the internationally renowned MIPIM exhibition several times to attract the investors but failed to get an interested party. Eventually, Uralsib started searching for a buyer for this land.
Uralsibâ€™s agreement with Moscow authorities for a construction site involved Capital Group. A Moscow Building Complex official confirmed that the company will now implement this project with the help of some investors. The information, however, hasnâ€™t been confirmed or declined by Capital Group itself.
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