Under Construction  

Russian bank to finance Embankment of Europe

Construction is ready to start on the £1.8 billion Embankment of Europe after Russian bank VTB stumped up the total cost
 The Embankment will be one of St. Petersburg's most imp..

Grand Project

A new civic project is set to get underway in St. Petersburg, Russia.  The ‘Embankment of Europe’ (Neberezhnaya Yevropy) is scheduled to cost £1.8 billion and will be finished by 2017.

The project, located in the Petrogradsky district of St. Petersburg, contains 99,416 sq m of land in one of St. Petersburg’s most prestigious locations.  The idea for a large and impressive collection of buildings there (as the Embankment of Europe will be) has been a long running idea, even dating back to the Soviet era.

However, the plans for the development are now far more concrete after Yevgeny Gerasimov and Partners were chosen to design the multi-functional complex after winning an international architecture competition to design the Embankment, beating London’s David Chipperfield from London and Jose Rafael Moneo from Madrid in the process.

“It was a great honour for us to compete with such international stars of the architectural scene as Chipperfield, Botta and Moneo and win,” said Geraismov.


Commercial aspects

The Embankment of Europe will feature St. Petersburg’s first pedestrian embankment, a new square, Boris Eifman’s Palace of Dance, and five residential complexes.

Included in the residential complexes will be a location for a new hotel, a business and shopping centre, as well as a harbour for river trams, yachts and motorboats.  The Embankment, therefore, is obviously hoping to attract a financially exuberant clientele.

This may explain the reason for the funding behind the project being given exclusively by VneshTorgBank (VTB), who are fronting the £1.8 billion required for the project in the hope that the investment will prove lucrative in the future. 

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