The weather isn’t the only thing that’s freezing in Russia right now. The Russia Tower – which was to be Europe’s tallest building – planned for the Moscow International Business Centre, has been frozen due to the ongoing financial crisis…
Moscow was to play host to Europe’s tallest building but its construction proved too tall an order during the credit crunch.
The billionaire developer behind the tower, Russian Land’s Chief, Shalva Chigirinsky, said that the crisis had forced him to freeze work on a number of planned developments, one of which was the Russia Tower.
There are many building projects all across Russia that have been put on hold as the crisis continues to affect global markets.
The crisis has left the developers unable to secure financing for the towering project and had eviscerated demand for the tower’s office space.
“The project is frozen. We cannot realise such projects in the current economic conditions. Interest rates are high and there are no resources available for credit,†said Mr Chigirinsky.
The tower, which was meant to be 612 metres high when completed, was designed by well known British Architect Lord Norman Foster. Construction began in September, 2007, and was planned to be completed in 2012. Its innovative pyramid design was to have been an unmissable addition to the Moscow skyline and it was to include apartments, offices and a hotel.
The total area of the tower will cover 520,000 square metres, of which 38 per cent will be located underground. The tower will contain 118 floors, 101 elevators, and underground parking to accommodate 3,680 cars.
Commercial retail shops will be located at the base of the building. The maximum capacity of the building is projected to be around 30,000.
Based on a geometry derived from a triangular plan with an open ‘green’ spine, the building’s primary structure comprises three ‘arms’ that taper as they rise.
They create a slender pyramidal form that achieves the maximum stability with the minimum structure and allows the most effective distribution of space.
The higher floors containing residential and hotel accommodation are designed as a series of modular units that can be configured individually. At the summit, there was to be a public viewing deck with cafes and bars, plus an ice-rink and shops at street level.
It remains unclear whether the tower will be scrapped completely or just postponed until a later date, when more favourable economic conditions return.
For more information on Russian properties and the market in general, please visit http://russia.themovechannel.com/
-ENDS-
Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
Dan Johnson
Managing Director
www.themovechannel.com
0207 952 7650
