21 Jul '08
The project worked out by Moscow development company MIK and aimed at re-developing the Yarmarochnaya Embankment and the Grebnevskiye Peski Island in Nizhny Novgorod was approved by the Urban Development Council on July 17. According to preliminary estimations, the project cost may amount to $259m. Marchmont’s Svetlana Zabaluyeva attended the Council’s sitting.
This project baptized “City on Water” by its initiators calls for general redevelopment of the Oka’s left bank along the Yarmarochnaya Embankment (31 hectares) and the Grebnevskiye Peski Island (28 hectares).
There in the future will be pedestrian zones, entertainment and hotel premises, restaurants, shops, and children’s playgrounds. All buildings to be constructed will be of medium height. The latest state-of-the-art technology will be used to develop a terrace-type embankment and build a multifunctional semi-underground complex. To protect the island from flood waters, a dike is to be erected.
It took MIK three weeks to get prepared for this crucial stage. Earlier this summer the project had been reviewed by the regional Investment Council and put on hold until recommended modifications were made by the developer. The Council wanted the complex to be in more harmony with surrounding buildings. (Marchmont posted the news about MIK’s project on June 27.)
A second go occurred last week when the City On Water project was once again presented at the sitting of the Urban Development Council headed by Governor Valery Shantsev. Maxim Poleshchuk, the presenter and main mastermind of the project, had to defend his project that was critiqued again, which eventually resulted in approval.
After the meeting the company’s CEO Nikolay Maslov gave a short interview to Marchmont.
- All remarks that our project has received are to the point, and we will take them into consideration. Presently we are looking for subcontractors and are in talks with several Nizhny companies. Perhaps, we will set up a separate company tasked with the project implementation, and will hire local specialists. We fully embrace the responsibility vested with us as regards the redevelopment of this historic part of the city. We believe that we are capable of… making our complex a preferred place of recreation for city residents and guests. We also want to attract tourists from other Russia’s regions, including Muscovites who in future may come to our city to spend weekends as the travel time between Moscow and Nizhny Novgorod is expected to be significantly reduced after an envisioned high-speed railway project is carried out. The complex will also be convenient for family leisure as we are planning to build apartments on the second floors of all the buildings.
Maslov has emphasized that the cost and timing estimations are preliminary and subject to verification as construction gets under way. MIK is ready to start as soon as a land lease agreement is signed, and a business plan and engineering papers are all compiled and approved.