Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Moskva-Citi To Mix Fun, Business

Plans for the Moskva-Citi business center have partially transformed the enormous complex from purely office space to a mix of office and residential, according to a new conception for the center put forward by the Mayor’s Office.

"We can’t make a center like that of London’s City, which dies out after 6 p.m. every day," Alexander Kuzmin, chairman of the Moscow architecture committee, said in introducing the new plan this week before a Moscow City Hall meeting. "There is a new tendency sweeping the world. International experience shows that it’s more profitable to mix office space with residential apartments."

The new plans introduced by Kuzmin would see some 200,000 square meters of apartment space built at Moskva-Citi over the next five years.

The plans still call for building Moscow’s first real skyscraper office towers. According to Citi — the company building the Moskva-Citi complex in the Krasnopresnensky district — investors have been found who are ready to sink $100 million in construction.

Among those bidding to do the actual construction work is the Japanese company Itochu, according to Citi documentation distributed at the City Hall meeting. The papers say Itochu is seeking to construct in 2003 and 2004 a business center and residential complex of a combined 121,000 square meters for about $100 million.

Citi also has plans to build a second residential complex of 133,000 square meters, but as yet lacks the $50 million in investment this would require.

Viktor Boldyrev, executive director of Novoye Koltso Moskvi, which builds multi-story elite housing, said that mixing office and residential space has indeed become popular in the West. "There is a greater demand in the capital for residential space than office space," Boldyrev said.

But not all real estate players thought Citi’s plans were commercially attractive.

"There has been no serious investigation of this, and without that to simply bring the Western experience onto Russian land does not look smart," said Alexei Fedotenko, marketing director of the Inkom real estate agency.