OREANDA-NEWS. On 02 September 2008 was announced, that MIRAX GROUP Corporation had closed a deal to sell the “Smolenka” Retail and Entertainment Center project.

MIRAX GROUP has decided to sell the Smolenka Retail and Entertainment Center project. It was bought by MegaStroy Company for a contract price of over  USD 60 million.

In this project the Corporation acted as a pure developer. MIRAX GROUP embarked on the Underground Retail and Entertainment Center construction project under Smolenskaya Square in 2007. Since then the Corporation has completed all design work and prepared all documentation necessary to commence construction.  After analyzing the current project portfolio of MIRAX GROUP it was decided to hand over the project to a company specializing in Retail and Entertainment construction projects.

“We decided that it would be more efficient for us to take the project to a high degree of readiness and withdraw from it”, – stated Maksim Temnikov, member of the Corporation's Board of Directors.

About the project

The “Smolenka” Retail and Entertainment center consists of 4 underground levels with a total area of 32,000 sq m. It will be located under Smolenskaya Square and will have a group of fountains above ground over it.  The first three levels will be occupied by retail areas, restaurants, cafes and entertainment facilities, while the  lower one will serve as a parking area for 300 cars.