Following the press release from June 22 2007 concerning the initiation of negotiations for the acquirement of a new land plot in Moscow, the management of Michaniki Group of Companies is announcing the settlement of agreement for the acquisition of the ninth plot in Russian capital from the subsidiary company LLC Michaniki Russia.
The new land plot of 60,000 square meters total surface area is characterized by its strategic location. More specifically, the plot is situated adjacent on its south side with Moscow Ring Road (MKAD) with a exterior front of 120 meters along the ring road, while it is extended north 500 meters, in parallel with the river crossing Moscow.
In this plot, Michaniki Russia is examining the development of an Elite Class modern residential complex along the riverside in parallel with the construction of a marina in the bank of the river and the development of other recreational facilities for the residents of this complex. Moreover, it is examined the construction and development of a commercial complex that will be adjacent to the MKAD Ring Road. The total surface area of the project is estimated at 130,000 square meters while in forthcoming fall the architectural plans of the project will be drafted.