07.08.2009

Ruric Management fell off the billion

The new management of Ruric Management LLC, which is a part of Swedeish Ruric AB, made adjustment of the multifunctional complex “Teatralniy” on the embankment of the Moika river. Developer rejected the idea of constructing six underground levels as well as reconsidered the functional purpose of the multifunctional complex in favour of the residential construction having reduced thereby the budget of the project from 1billion dollars to 300 million. However the proceedings with the Ministry of Defense and the approval of the project in the local committees may significantly delay the implementation of the project.