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25.09.2012 Renova StroyGroup is to invest $80 million into the construction of apartment complexes in Saint Petersburg

Victor Vekselberg’s company Renova StroyGroup will implement its first projects in the sphere of expensive residential real estate in St. Petersburg. The company is planning to build 28,000 square meters of apartments on the Petrovsky Island, and has started to evaluate a similar project, albeit on the larger scale, at the location next to the Park of the 300th Anniversary of St. Petersburg. The company also hopes to arouse the interest of top management from the Lakhta Center to the future project in Primorsky district of St. Petersburg. The experts consider such a possibility quite plausible.
Director General of Renova StroyGroup Mikhail Semyonov told the journalists that the three hectares large project on the Petrovsky Island should be approved by the end of this year. According to his own statement, the real estate deal for buying this lot was closed this summer. The cost of the deal is not disclosed, however. Renova StroyGroup purchased 80 percent of stocks in Petrovsky Alliance, said the Head of Petrovsky Alliance Aleksandr Kozhin. The lot will be made available by GUP “Ekostroy” very soon, he added.
In accordance with the master plan 28,000 apartments can be built on this lot, said Mikhail Semyonov, and since there is a chance to register the lot in the residential housing estate category, the company is planning to take that chance. He said that such a rating would elevate the comfort standards in this real estate project. In accordance with the estimated value the project would cost $80 million, the estimators from Salans involved in the deal said.
Mikhail Semyonov thinks that the implementation of the project should take no longer than two or three years.
In addition, Renova StroyGroup does not exclude the possibility of taking part in the apartment construction project together with Stremberg. “The negotiations on the co-operation continue”, said Mikhail Kozhin, also heading Stremberg. “However, the problems lie in the concept of the project itself: as many as 78,000 square meters can be built on the lot, and no one yet has built that many in the city, therefore we cannot be sure, if such an offer will meet the demand without any preliminary arrangements”, Mikhail Semyonov said.
He also reminded that the company is currently working on another project as large as 6 hectares in the territory of Marine Facade complex, where additional 77 hectares of land can be created artificially on the sea shore, but the discussion of the details would be premature, because the project would involve the complex development of the whole area.
The project on the Petrovsky Island is facing serious competition from the Naberezhnaya Evropy project as well as other projects on Petrovsky and Krestovsky Islands, as Mikhail Gushchin, Deputy Head of the strategy consulting department Knight Frank Saint Petersburg said, so the developer should pay serious attention to the whole concept, design, and infrastructure.
According to the experts’ estimations, the price per square meter in luxury apartments with a sea view might exceed RUR200,000. Elizaveta Konvey, Director of the Department of Residential Real Estate of Colliers International Saint Petersburg added that it seems to her that Renova StroyGroup is planning to sell the apartments to investors intending to lease those apartments later to top managers working in the Lakhta Center.
“The arrival of new companies, such as Renova, may offer new engineering solutions which would be beneficial for the development of Saint Petersburg, its market, and the quality of construction increase”, assured the expert.

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