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. Last Updated: 07/27/2016

2nd St. Pete Pedestrian Zone Opens




ST. PETERSBURG -- After a yearlong renovation and 25 million rubles ($1 million) of municipal investment, St. Petersburg has opened its second pedestrian zone, Malaya Sadovaya, in the city center.


With new street lamps, benches, pavement, a fountain, facade lighting and warming tubes to maintain the walkway at a constant 5 degrees Celsius during the winter, the street promises to be an immediate draw for pedestrians, real estate experts said.


"It is good for the city to have new tourist attractions although the city budget does not earn anything directly from it," said Andrei Vasilyev, general director of real estate agency Arkada.


The city expects to see its investment returned in the form of increased commercial and residential activity and the overall improvement of the city.


The street, like the first pedestrian zone Malaya Konyushennaya, currently does not have many filled commercial spaces and many are under renovation. But local industry experts already see demand increasing for commercial and residential space on the street and foresee a trade boom ensuing.


"From the realtors' point of view, the pedestrian zones are very attractive, the value of the residential property in such areas is going up at an extreme rate," said Alexander Romanenko, president of real estate agency Advecs.


City Hall is planning 27 more zones.