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. Last Updated: 07/27/2016

Setl Wins Renovation Contract

ST. PETERSBURG -- Setl City has won an open tender to reconstruct Mikhailovskaya Dacha, an ensemble of palaces and parks in St.Petersburg's Petrodvorets district.

After renovation work, the 18th-century monument will house the Higher School of Management at St. Petersburg State University. Under the $300 million agreement, Setl City, which expects to complete the project by 2010, will carry out planning and reconstruction.

"We will have to adjust old buildings for their new educational purposes and ensure that they meet all the modern standards of business education," Maxim Shubarev, president of Setl Group, the holding company that owns Setl City said in a statement Oct. 16.

The Mikhailovskaya Dacha complex occupies 104 hectares of land and the total area of the existing buildings is 22,000 square meters. After redevelopment and the construction of new buildings, the total area will increase to around 100,000 square meters.

Mikhail Vasilyev, head of marketing at Central Real Estate Agency, said that although the project was unlikely to generate any significant profits, Setl City saw it as a promotional initiative.

"This project ... could be compared to the Baltic Pearl, Okhta-Center and the new football stadium on Krestovsky Island," Vasilyev said. "It will be of the same importance, not in terms of the total investment or total area of the construction, but in relation to its influence on the image of St. Petersburg."