OREANDA-NEWS  On 07 November was announced, that Sozdanie investment group intends to put more than USD 100 million in the development of a multilevel underground entertainment complex on Smolenskaya Square in Moscow.

According to a press release by Sozdanie, it has purchased 100 per cent of the shares of the CJSC Smolenka that is implementing the project from MIRAX GROUP.

“We foresee an opinion that the purchasing of any big budget project may be rated as risky in the current conditions of the world financial crisis. However, I can say that we are sure of success of the project taking into account its functional purpose and geographical location. Besides, I suppose the situation on the real estate market isn’t so critical as someone envisages,” Aleksandr Reprintsev, chairman of the board of Sozdanie, said.

According to the design, the area of the plot allocated for the development will be 1.33 ha.

“The total area of the complex to build will be 32,000 sq m. The complex will contain a parking lot for 300 vehicles. The above-ground area will consist of a cluster of fountains, a well-planned square, crosswalks and an entry to the metro station,” the document added.

Sozdanie is to launch the construction of the object in 2009.