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. Last Updated: 07/27/2016

Pokrovsky Hills Project Hits Delay




Construction of the second phase of the $100 million Pokrovsky Hills housing project has been delayed until the early spring of 2000, developer Hines said Monday.


The kickoff for the second phase, which envisions 45 houses being added to the existing 103 in the American-style suburb, has been delayed from the beginning of December in part due to project investors' wishes to wait until after the parliamentary elections, Hines' real estate consultant Pavel Barbashev said.


"But we won't wait until after the presidential elections," he said, referring to the June 2000 event that has some Western investors holding their breath.


Phase two, which will include 22 five-bedroom townhouses, should be completed before the end of next year.


The houses completed in the first phase are all two- to four-bedroom complexes. Barbashev said 80 percent of them have already been leased out. Rents on those townhouses run from $6,000 to $9,000 a month.


The second phase will be followed by two more phases of 30 to 45 houses each.


Another part of the Pokrovsky Hills project, the construction of a 20,000-square-meter Anglo-American School, is on schedule for completion in July, in time to open for the 2000-01 school year, Barbashev said. The shell of the school is finished and construction is being undertaken on the interior now, he said.


Pokrovsky Hills is located in northwest Moscow on a 15.7 hectare plot of land secured under a 49-year lease from the city of Moscow.