New Foster Project for St. Pete

Norman Foster, the British architect of the Moskva-City skyscraper that will be Europe's tallest, was selected to design a $220 million complex in St. Petersburg, his first foray into elite housing in Russia.

The construction of 77,000 square meters of homes and hotels will be financed by Evraz Capital, said Knight Frank, the main adviser on the project.

The new complex will be north of the city center, near Dynamo Stadium on Krestovsky Island, Knight Frank consultant Polina Yakovleva said in an e-mailed statement Wednesday.

Investors, including billionaire Oleg Deripaska, are moving into St. Petersburg real estate as competition in the more-developed Moscow market intensifies. Deripaska's Glavstroi won a competition last month to help finance and develop a section of St. Petersburg's historic center with the city government. Glavstroi's bid trumped one designed by Foster and proposed by billionaire Shalva Chigirinsky.

Apartments in Foster's Krestovsky Island will cost as much as $17,500 per square meter, Yakovleva said. Foster will present several versions of the complex, which is slated for completion by 2012.

The Krestovsky Island project in St. Petersburg is not Foster's first in the city. His firm is also redeveloping New Holland Island, and designing the mixed-use JFC St. Petersburg site.

Foster is also developing the massive Crystal Island project on the Moscow River.