30.11.2007, 21:23
XXI Century Receives Go-Ahead for Its New Project in Kyiv
OREANDA-NEWS. November 30, 2007. XXI Century Investments, one of Ukraine's leading real estate investment, development and property management companies, today announces that it had been granted a permit to commence construction work at its Virlytsia site. The site is located on Prospekt Bazhana, the principal roadway connecting the centre of Kyiv and Boryspil International Airport.
The Virlytsia project is a mixed-use development with approximately 993 000 sq. m. of total area, in a high-density residential
community with a population of approximately 282 000 residents. The project is expected to comprise a shopping centre with approximately 76 000 sq. m. of GLA, a business center with approximately 230 000 sq. m. of leasable area, a 3-star hotel with approximately 300 rooms and a residential complex with approximately 206 000 sq. m. of commercial area. Transport links are already in place, with two subway stations adjacent to the site.
At the end of June 2007, the project was valued by Jones Lang LaSalle at US$298.8 m, representing approximately 19% of the appraised portfolio value, making it the Company's largest portfolio asset.
Department for State Control over Architecture and Construction of Kyiv City has issued a permit to start construction works with engineering preparation of the site. The works will include reinforcing the coastal zone of the adjacent Virlytsia lake, establishing the site's transportation scheme, stripping the site and proceeding with excavation works to lay the foundations. The works are planned to start in December 2007.
The project will be developed in phases, with the completion of the first phase scheduled for the first half of 2010. The last phase is expected to be completed by the end of 2012.
The company is currently negotiating with potential anchor tenants, including major international and local operators of hypermarket chains and multiplex movie theatres, and well-known and established operators of brand-name chain stores selling home appliances, clothing, shoes, goods for children, sports goods and other consumable goods.
Commercial concept was developed by Jones Lang LaSalle, and the chief architect for this complex is the architectural firm Benoy from the UK.
The Virlytsia project is a mixed-use development with approximately 993 000 sq. m. of total area, in a high-density residential
community with a population of approximately 282 000 residents. The project is expected to comprise a shopping centre with approximately 76 000 sq. m. of GLA, a business center with approximately 230 000 sq. m. of leasable area, a 3-star hotel with approximately 300 rooms and a residential complex with approximately 206 000 sq. m. of commercial area. Transport links are already in place, with two subway stations adjacent to the site.
At the end of June 2007, the project was valued by Jones Lang LaSalle at US$298.8 m, representing approximately 19% of the appraised portfolio value, making it the Company's largest portfolio asset.
Department for State Control over Architecture and Construction of Kyiv City has issued a permit to start construction works with engineering preparation of the site. The works will include reinforcing the coastal zone of the adjacent Virlytsia lake, establishing the site's transportation scheme, stripping the site and proceeding with excavation works to lay the foundations. The works are planned to start in December 2007.
The project will be developed in phases, with the completion of the first phase scheduled for the first half of 2010. The last phase is expected to be completed by the end of 2012.
The company is currently negotiating with potential anchor tenants, including major international and local operators of hypermarket chains and multiplex movie theatres, and well-known and established operators of brand-name chain stores selling home appliances, clothing, shoes, goods for children, sports goods and other consumable goods.
Commercial concept was developed by Jones Lang LaSalle, and the chief architect for this complex is the architectural firm Benoy from the UK.
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