Dutch architecture firm MVRDV has won a design competition for its blueprint to develop the territory of the former factory Serp i Molot, or Hammer and Sickle, with developer Don-Stroi Invest's final decision to be announced within the month.
Construction is expected to take from to 10 years and cost at least 140 billion rubles ($3.8 billion), of which nearly 500,000 square meters will be given over to residential space, Kommersant reported.
In 2011 Bank of Moscow sold the former factory to state-run financial giant VTB, which originally intended to develop it into a multi-use complex of 670,000 square meters, of which 295,000 square meters were expected to be residential.
In March, the Moscow City Architecture Council blocked ongoing development of Serp i Molot and proposed that a international design competition be held.
