Moscow authorities have drafted a plan for the development of a new residential district in Molzhaninovo, in the north of the capital.
Marat Khusnullin, head of Moscow's construction sector, said the new community will occupy 20 square kilometers near Leningradskoye Shosse and Sheremetyevo Airport, Vedomosti reported Tuesday.
Molzhaninovo is one of the last large, undeveloped areas inside the city limits, with relatively low population density.
"One of the city's strategic objectives is to create jobs in this area," Khusnullin said, stressing that the authorities hope to turn the new district into a satellite town of Moscow rather than a purely residential area.
The development plan provides for construction of an industrial park, a community center, a transportation hub and other social and industrial infrastructure, all of which should provide conditions for the creation of 60,000 to 70,000 local jobs.
Andrei Zakrevsky, senior vice president of Knight Frank, said the development will take at least five years and require about $5 billion, excluding road construction.
Most of the land allocated for Molzhaninovo's development belongs to businessman Alexander Klyachin, whose spokesman declined to comment on the matter, saying only that no decision had been made yet.
The city of Moscow also owns some of the land, and so do some 600 small landowners.