Finnish construction group Lemminkäinen has purchased a plot of land in central St Petersburg and plans to redevelop the site into 800 apartments.
Finnish construction group Lemminkäinen has purchased a plot of land in central St Petersburg and plans to redevelop the site into 800 apartments.
The plot, located along the Obvodny Canal near Moskovsky prospekt, offers the potential to build around 50,000 m2 of new residential space as well as 5,000 m2 of commercial facilities to be sold to investors and occupiers. Around 350 underground parking spots will also be provided.
In a statement on Wednesday, Lemminkäinen said it intends to invest EUR 170 mln in the project. The company is responsible for the development, construction and sale of the site.
Work will commence immediately on planning and demolition, with construction scheduled to start in spring 2013.
'Our goal is to start the construction of around 1,000 new apartments in St Petersburg each year. The new site, with great location in the city centre, supports us in reaching this goal,' said president and CEO Timo Kohtamäki.
