A new transport hub will be built on the construction site at Paveletskaya Ploshchad, just outside the train station's main entrance, Interfax reported Friday.
It was to be used by LLC Paveletskaya to build a multi-functional shopping complex, but work never got underway and the land lease agreement has now expired, the Moscow Construction Committee said.
The lease will be terminated through a court procedure because investors are refusing to sign the necessary documentation, according to the construction company.
"The urban planning and land commission agreed to terminate the investment project signed in 2001, and to terminate a land lease from 2004 on 1 Paveletskaya Ploshchad, because the developer has not fulfilled its obligations," Moskomstroyinvest said.
The excavated area next to Paveletskaya train station in the center of Moscow has sat unused for years.
Moscow Mayor Sergei Sobyanin said that he would like to forget about the failed shopping mall construction project, likening it to "a bad dream", RIA-Novosti reported Thursday.