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"Betting on Ambition"

Article provided by:gateway2Russiagateway2Russia

21 March 2004
"Betting on Ambition"

Investors have begun construction on business centers in downtown Moscow. The project is expected to accelerate the stabilization of the capital real estate market

The Moscow government made a decision to create an international business center, Moscow-City, back in the early 1990s. A 100-hectare plot was assigned to the project and a management company, City, was established under the control of the city administration. The project drew the attention of both Russian and foreign investors. In 1993, an international consortium with US and Japanese corporations was even established to implement it. But construction had never started. In 1995, Canadian developer, Reichmann Asia Co Ltd., which had experience building similar business centers abroad, became interested in the Moscow-City project. However just one year later, the authorities dissolved the contract with Reichmann. After the 1998 crisis, large foreign investors lost any interest whatsoever in Moscow real estate, and domestic companies didn’t have enough funds to finance such a large-scale undertaking at the time. As a result, the Tower-2000 office complex and the Bagration pedestrian bridge, which were built on the occasion of the 850th anniversary of Moscow, have been the only installations at the site for a long time. It seemed that the Moscow-City project had run out of steam.

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