GloraX enters the market of Nizhny Novgorod with landmark projects for the region

09.07.2021

Federal developer GloraX will implement a redevelopment project at Chernigovskaya Street. It is planned to place modern high-rise buildings and restored cultural objects within the territory from Melnichny Lane to Metro Bridge (Metromost). The project will be implemented in cooperation with the current owners. The total area will be 150 thousand square meters.

GloraX will also take part in the IT-neighbourhood project. The total area will be 185 thousand square meters. 300 hectares of land have been allocated for new development in the area of Pokhvalinsky side lane, Maslyakova Street, Malaya Yamskaya Street and Bolshiye Ovragi Street, as well as approaches to Metro Bridge (Metromost).

“Today the territory in the center of Nizhny Novgorod is used only a few percent of its potential. Our company, being a developer with decades of experience, sees the possibilities of this location and is ready to apply all practices for the benefit of the region, transform it, and create new points of attraction in it. Our team, together with the Government of the region, will take part in the creation of a modern residential block with a multifunctional internal infrastructure for life, work, recreation, growth and education. Together we will create a real IT paradise here. The implementation of such a unique project will give a start to the development of the future, capable of changing the potential of a place and becoming a growth driver for the neighboring territories, attracting investments in the city’s related economic sectors,” says Andrei Birzhin.

By the end of this year, GloraX intends to increase the portfolio of projects in Nizhny Novgorod to at least 500 thousand square meters. The company’s area of interest is the construction of conceptual objects of small size, as well as the implementation of projects for neighbourhood development.

“GloraX is rapidly developing and actively expanding its portfolio of projects, including in new regions of its presence. We have a strong team, the necessary competencies and financial capabilities. We are glad to know that the government of the Nizhny Novgorod region not only realizes the importance of the development of the historical center of the city, but also cooperates with a major player in the market GloraX and provides an optimal investment climate,” says GloraX President Andrei Birzhin.

Creation of a multi-format space in neighborhoods and the introduction of digital services that take over almost all household chores of residents and make their life easier is possible within the GloraX ecosystem. The company’s new product line, which includes four types of residential and commercial development projects, was developed and launched in the spring of 2021.

Let us remind you that a letter of intent, which implies interaction between GloraX and the Government of the Nizhny Novgorod region in the implementation of investment and development projects in Nizhny Novgorod, was signed on June 4 at the site of the St. Petersburg International Economic Forum.