AFI Development, a prominent development firm in Russia, has delayed the opening of one of its flagship projects, Mall of Russia, from June until the fall, the company announced in a press release on Tuesday, January 19.

The company is controlled by Israel-based businessman, Lev Levayev, and had already begun advertising for the earlier opening of the shopping mall, based in the troubled business district Moskva-City.

“It is not a step backwards, our tenants are completely happy with the new opening timetable,” said AFI representative, Natalya Ivanova. “September-October was in fact our original opening plan and we are aiming for Moscow Day [5 September].” The company cited two main reasons for the delay: a seasonal lull that would not support a June opening, and the transfer of responsibility for further planned infrastructure to AFI from the Moscow government. The city government is now set to have a lowered stake in the finished project.

AFI said that 40 percent of Mall of Russia has finalized tenants, including a newly announced Perekryostok supermarket, and a further 30 to 35 percent of near-finalized tenancy agreements.

Meanwhile, the company is unfreezing a series of other projects in Moscow, a result of what its director Alexander Khaldei cites as “improvement in market conditions”. These include a Class A office complex on Ozerovskaya Naberezhnaya, next to the recently opened Aquamarine hotel, and the Paveletsky Business Park. These are both scheduled for completion in the first half of 2011.