The co-owners of the Hotel Ukraina and Yevropeisky shopping center God Nisanov and Zarakh Iliyev have purchased a lot in Moskva-City where a municipal administrative complex was previously planned for construction, Vedomosti reported last week.
The lot is approximately 2 hectares and contains an unfinished building of 11,000 square meters. Nisanov bid personally in an auction against one competitor and won on the first bid of 7.2 billion rubles ($229 million).
Nadezhda Spiridonova, a spokeswoman for the businessmen, said they intended to invest about $500 million in a mixed-use complex on the site, where a 70-story building to house City Duma offices was set to rise. Mayor Sergei Sobyanin canceled that project after he assumed office.