Glorax Development Begins Large-Scale Construction Project in St. Petersburg

Glorax Development Begins Large-Scale Construction Project in St. Petersburg

Moscow-based company Glorax Group has begun a large-scale construction project in the “Marine Façade” of St. Petersburg.

Glorax has teamed up with Renord-Invest—a private equity firm associated with the “St. Petersburg” bank—in order to build up the 15 hectares that went to the bank of the Baltic dredging company. Independent experts estimate the project will cost roughly 25-30 billion rubles (300-400 million USD).

The construction plan, focused on the alluvium, will include residential apartment complexes, social infrastructure and commercial properties—totaling an area of 450 thousand square meters.

“In the near future we will conduct a full audit of the situation on the alluvium,” said Alexei Balykin, CEO of Glorax Development.  “We are, of course, concerned that the area is still not equipped with infrastructure. But I think we will solve this problem in the near future, together with other developers in this area.”

Alexei also emphasized that the alluvium has great potential for the city’s “sea gates.”

“Previous developers invested huge funds in this area. But there are mistakes in the marketing policy of the project. We will participate in the corrections,” Alexei said.

Later in September, the developer will announce an international architectural competition, which will lay the foundation for concept development throughout the territory. The results of the competition will be announced at the beginning of 2016, and the winning project will be presented at the spring exhibition for MIPIM-2016.

The construction, which the site builder intends to begin at the end of 2016, will last for roughly 8 years.