Etalon Group - one of Russia's largest and longest-established development and construction companies - has acquired the rights to a 2.8-hectare land plot in the Nevsky district of St Petersburg for the development of a new residential project.
It said the total planned NSA of the new project was 76,000 sqm which would include 56,000 sqm of residential space, as well as commercial premises and a parking garage.
It said that as most of the permit documentation had already been obtained, the company aimed to begin construction and launch sales within the next 12 months.
The group said: 'The hallmark of this project is its direct access to the Neva River, which will give residents a view of the water from their apartment windows.
'Two parks are also situated nearby. The site is located in a district with well-developed residential and transport infrastructure.
'It is just a 5-minute walk from the Elizarovskaya metro station, while the historical centre can be reached in 15 minutes by car.
'Proximity to the Alexandr Nevsky, Voldarsky, Vantoviy bridges, as well as to Obvodny canal provides easy access to major transport routes.'