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

. Last Updated: 07/27/2016

Work Starts on Towers

The Federation Towers complex, dubbed Europe's highest building, had its foundation-laying ceremony last week.

The $500 million project, scheduled for a late 2007 completion, will consist of two towers -- 84 and 57 stories high, at 340 and 240 meters tall, respectively.

The 355,000-square-meter complex will feature 131,000 square meters of Class-A offices, 68,000 square meters of elite apartments and 32,000 square meters of retail establishments. It will also feature a five-star hotel managed by Hyatt, "which has experience operating hotels in skyscrapers," said Sergei Polonsky, president of project developer Mirax Group.

Mirax has secured a $250 million, five-year credit line from Vneshtorgbank to finance construction.

The Federation Towers will be managed by the United States' Turner Construction, while China's Shanghai Construction General Corporation will be consulting on the building process.

The Federation Towers are part of the Moskva-City project to create a new business district in western Moscow, envisioning the construction of 2.5 million square meters of offices, stores and apartments.