An estimated $320 million is to be invested in Lord Foster's project to turn the island into a cultural and commercial hub.
Photo: Nikita Infantyev
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Development Works in St. Petersburg’s New Holland Start
The revamped New Holland Island in St. Petersburg will open to public in 2010, First Deputy Prime Minister Sergey Ivanov said Sunday, the RIA Novosti news agency reported. The official countdown began on Sunday, the final day of the St. Petersburg International Economic Forum.
The 7-hectare island built by Peter the Great in the early 18th century will host three theaters, a hotel, residential and business blocks. An estimated $320 million is to be invested in the project to turn the island with red-brick navy storehouses into a cultural and commercial hub.
British architect Lord Norman Foster and ST Novaya Gollandiya, a company owned by Moscow real estate tycoon Shalva Chigirinsky, won a prize for their project at an international real estate fair in Cannes in April. The award is the first for Russia at this fair.
Lord Foster is also in charge of developing the site of the old Rossiya hotel in central Moscow as well as construction of Europe’s tallest skyscraper Rossiya in another Moscow district. The construction works for the tower starts this Tuesday.
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