Bank to finance St Petersburg project

A large mixed-use project in St Petersburg, Russia, is expected to cost a total of RUB47 billion (€1.18 billion), and will be financed solely by VneshTorgBank (VTB), according to research firm PMR.

The project is called the Embankment of Europe (Naberezhnaya Yevropy), and RUB9 billion (€226.4 million) has been spent so far, while RUB2.5 billion (€62.9 million) is scheduled to be invested in the project over the next 18 months. The complex is expected to be completed by 2017.

It will include St Petersburg's first pedestrian embankment, a new square, Boris Eifman's Palace of Dance, and five residential complexes.

The buildings should not be higher than 29m. The aspects facing the embankment will be neo-classical in style while the façades looking onto the square will have a more contemporary look. Half of the area will be allocated for public use.

The Embankment of Europe project is located in the Petrogradsky district of the city and is bordered by Dobrolyubova Avenue, Malaya Embankment, Talalikhina Lane and Akademika Likhacheva Square.

The site has an area of 99,416m². The project has been commissioned by Petersburg City, a St Petersburg construction company, while VTB Development will take care of its management, said PMR.