Glorax Development (part of the Andrey Birzhin’s Glorax Group) has completed the acquisition of the land plot on Ligovsky Avenue (Saint Petersburg).
The new project will be implemented on a land plot with the area of 2.4 Ha in Frunzensky District of the city. The construction is organized in the course of re-development of the “gray zone” of the city, providing for the development of former industrial areas. Glorax Development plans to build a multifunctional complex of 70,000 sq. m in area. The total amount of investments in the new project will be 3.4 billion rubles. The construction is expected to begin next midyear.
In addition to housing, the company will engage in the construction of commercial premises as well as social infrastructure facilities. The future complex is expected to include underground parking and preschool educational institution. Benefits of the project include a high mobility level provided by a good location of the object. In addition to the fact that the complex will be built near one of the main highways of Saint Petersburg, a projected Borovaya metro station will be situated within a 2-minute walk from the site. It will greatly enhance the comfort of living and increase the importance of the project for the future tenants.
“We do not rule out a possibility of buying new lands located in this area. The company is actively developing and cultivating several markets, therefore, we are examining and buying new land plots in Saint Petersburg, Moscow and other regions”, – said Dmitry Konovalov, Managing Partner of Glorax Development.
The construction of the multifunctional complex on Ligovsky Avenue will become the sixth project of Glorax Development in Saint Petersburg. Currently, the developer’s project portfolio is about 1 million sq. m.