The island of New Holland in the northeast Russian city of St. Petersburg was created by the convergence of two canals constructed by Peter the Great in 1721. For many years it has stood silent and underutilized, shrouded in mists and secrecy. Now, it is on its way to becoming a major redevelopment story in this historic city. This 18.8 acre mixed-use project will have cultural, retail, hotel and restaurant space and is scheduled for completion in 2010.
Russian developer Shalva Chigrinsky is leading the project, and has chosen British architect Lord Norman Foster to create the design for this historic island. At a conference in Moscow, Foster noted that the intent of the design was “to create an urban magnet which will relate to the nearby Marrinsky Theater and the Hermitage, to establish a new cultural quarter of the city.”
A total of 200,000 square meters, or 2.15 million square feet, is planned for the project. It is located in the area around the Mariinksy Theater called the Admiralteisky Rayon, and is expected to help the whole section of the city grow and develop. Already, according to news reports housing prices in this district have risen by 5.4% in the first six months of 2007, just on news of the project. Real Estate firm Knight Frank estimates that prices may increase by as much as 25% by the time the whole island is redeveloped in 2010.
Vladimir Sergunin, with the property service company Colliers International, believes the New Holland development will be an example for the whole city and help to spur other, similar works. “It will be a very significant space, and such a new inflow of commercial real estate capacity will make central districts of the city even more attractive for business function,” said Mr. Sergunin, quoted in the IHT.
Currently, the island holds several timber warehouses, as well as an old prison. The warehouses will be restored and converted into retail and restaurant space. Other buildings will include a theater and ice rink to be used in the winter. When the whole project is complete, New Holland will be accessible to all of the city’s residents for the first time.
Meanwhile overseas property portal Homesgofast.com has started to list property from Russia after demand from international investors. The first property listed is a luxury home in St Petersburg worth over I million pounds
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