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Donstroi Project Cost Up to $1.9Bln

Donstroi's enormous development project "Heart of the Capital" will cost about 69.7 billion rules ($1.9 billion), Vedomosti reported.

The company had said last summer that the project, which will include 635,000 square meters of space along the Shelepikhinskoi waterfront, would cost 55 billion rubles. A representative from the company said last week that the estimated amount of investment for the development is now "fully calculated."

Plans for the area, measuring 14 hectares located 2 kilometers away from the Moscow City financial center, will include more than 500,000 square meters of business-class housing and 40,000 square meters for public use. Donstroi said construction would take place in three phases, beginning this spring and ending in 2019.  The estimated cost of a residence in the development is 5.8 million to 8.9 million rubles.

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