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. Last Updated: 07/27/2016

Federation Island Has Putin Approval

For MTThe $6.2 billion project, based on a similar concept in Dubai, is planned for construction from 2008 through to 2013.
President Vladimir Putin gave his tacit approval to a spectacular plan to create a massive artificial island off Sochi's coast at the city's sixth International Investment Forum last week, the company behind the project said in a news release Saturday.

Designed by Dutch architect Erik Van Egeraat, the 250-hectare Federation Island will be built in the shape of Russia, stretching from a man-made Kaliningrad all the way to a scale model of the disputed Kuril Islands.

Presented with plans for the project, Putin wished the team behind the designs the best of luck, the company said in the statement.

The proposed 155 billion ruble ($6.2 billion) project, based on similar luxury projects, such as the Palm and World Islands in Dubai, will be built from 2008 to 2013. The funds will come from private investment and not the state budget, the statement said.

The island, to be located 14 kilometers from Sochi's central train station, will be divided into three zones: residential, recreational and business.

The 2-million-square-meter recreational zone will include hotels, sanatoriums, an aqua park, a yachting marina and 15 kilometers of new beaches.

A consortium of foreign and Russian firms -- including St Petersburg-based M-Industria and Lenginproproyekt, Dutch firms Van Oord and Witteveen+Bos and German company Imtex -- will carry out the project.

Since early July, when the International Olympic Committee awarded Sochi the right to organize the 2014 Winter Olympics, prices in the area have skyrocketed. Federation Island will be linked to Olympic venues at Krasnaya Polyana by a network of sea, air and land transport links.