30 Nov '09
Hungary’s TriGranit Development Corporation has plans to realize by late 2011 a $300m project aimed at building a multifunctional ‘Palace of Arts’ and studios to make TV series in St. Petersburg, Kommersant reports.
Under plans, the prospective studios will cover 8,500 sq. m on the premises of the former Leonov tram depot.
The ‘Palace of Arts’ will reportedly have a 1,800-seat concert hall, exhibition and multimedia complexes, hotels, apartment hotels and other commercial real estate with a total 200,000 sq. m area.
According to Kommersant, construction will begin in June 2010.
The payback period for the project is about 25 years.