People enjoy chute-the-chute in the Gorky Central Park of Culture and Recreation.
Photo: Alexey Kudenko
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Moscow Offers Central Park for Sale
Today’s intention of Moscow authorities is to make Gorky Park of the city a joint venture by this year-end. The park covers around 100 hectares in downtown Moscow, and its market worth is estimated at $1 billion.
The City Hall of Moscow is willing to make a joint stock company out of the Gorky Central Park of Culture and Recreation by this year-end, said a source familiar with the plans of Moscow leadership. The intention is to establish a venture, where the City Hall will retain 25 percent to 50 percent, while the remainder will go to some potential investor.
Moscow will contribute all property rights to the stock capital of a new venture, including the land of roughly 100 hectares, while the investor will pay up its share by money. No tender will be held to the effect, the source specified. The Gorky Park will be co-owned by a company “focused on managing recreation parks in the regions.” The source didn’t give the name of the city’s mysterious partner, but said that the deal budget could be several fold below the market value and the investor may get an option to buy out the city’s share.
For common Muscovites, the bad news is that constructing leisure-time facilities in the Gorky Park won’t generate huge profits. But the project is bound to be efficient if the elite apartments are built there and sold at $10,000/sq meter to $20,000/sq meter.
www.kommersant.com
All the Article in Russian as of Aug. 10, 2007
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