OREANDA-NEWS. On 04 July 2008 was announced, that Baltic Construction Company is to invest \\\\$375 million into the construction of a mixed-use complex on the place of Balneology Institute on Novy Arbat Street in Moscow.

A concept stipulates the construction of a 93,600sq m building where offices, apartments and a centre of recreation medicine and balneology under the Public Health Ministry of the Russian Federation are to be located.

An order by the city government of Moscow to design and build the complex was signed in 2005, but the construction work has been carried out since 2008.

A delay in the development was caused by the fact that the final concept of the project has been approved recently.