Glorax Development received the right to purchase a land of 18 hectares area, located on Ligovsky Prospekt, 240. The site is located within the boundaries of the Volkovskaya industrial zone in the Frunzensky District of Saint Petersburg. The transaction value is estimated at 1.1 billion rubles.
According to participants of the market, the scale of the new site development automatically puts Glorax Development among the largest developers of Saint Petersburg.
The site was selected by the city administration as one of three pilot areas to participate in “The Grey Zone: Transformation” contest which took place last year. The concept of “Volkovskaya” territory development takes a comprehensive approach to redevelopment of the historic center of Saint Petersburg, where several blocks are combined. A unique environment with its functions is expected to be created for each of them.
“According to the position of one of the industry leaders, our task is to work with major projects that require an integrated approach to create a new urban environment, — says the head of the Glorax Group Andrey Birzhin. — We want to make the district a landmark of the city, to create a new point of attraction. It is a part of Saint Petersburg’s new history for us”.