Moscow authorities have drafted a plan for the development of a new residential suburb 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 within 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 city district into a satellite town of Moscow rather than a purely residential area. The development plan provides for the 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 60,000-70,000 local jobs.
According to the senior vice president of Knight Frank, Andrei Zakrevsky, the development project 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, a spokesman for whom declined to comment on the matter, saying only that no decision has been made yet. The city of Moscow also owns some of the land, as well as some 600 small landowners.