The federal government will transfer to Moscow authorities a building with an estimated value of $100 million to provide funds for the city to create a park on the site of the demolished Rossiya hotel.
The building at 14 Ulitsa Varvarka with a total area of about 21,000 square meters was erected in 1909 and was initially an apartment building. Currently, it is rented by various service companies and houses a restaurant, a cafe and a fitness center.
"We plan to turn the building into a hotel," Deputy Moscow Mayor Natalia Sergunina told Vedomosti.
A tender to develop a concept for the park will be held next week.