Construction of a new mixed-use complex is to begin on Peter Alexeev Street in the west of Moscow in May. Of the 222,000 sqm to be built, 122,000 will be devoted to residential space, while 90,000 is to be a commercial real estate component. Moscow’s Planning Commission has approved the project. The project’s residential premises will be built over three years, but although the final selling price has not been made public, local agencies Best New Building and Unikvart are estimating it will sell for between RUB 120,000 to RUB 160,000 per sqm. The developer is company Ingrad, which belongs to the owner of the Moscow Credit Bank Roman Avdeev. Ingrad is already working on developing a neighboring piece of land located on the Texitschik stadium site.
Ingrad has been an active residential developer in recent years and owns a number of projects around Moscow, including a 1.2 million sqm site in the New Pushkino neighborhood. Roman Avdeev is also the founder of the real estate agency Domus Finance.
