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Photo by M. Mishin. Press Service of the Mayor and the Moscow Government

Investors plan to build 35 thousand square meters of real estate.

Thanks to the reorganization of two long-term construction projects, new public and business spaces with shops, cafes and sports complexes will appear in the CAO. Investors plan to implement projects using city support programs, said the Deputy Mayor of Moscow for Economic Policy and Property and Land Relations Vladimir Efimov.

“Within the framework of the Industrial Quarters project, about 35 thousand square meters of public and business buildings, including shops, cafes, sports and leisure centers, where about 860 people will work, will appear on the site of two long-term construction projects in Timiryazevsky and Levoberezhny districts. By implementing these projects, developers will be able to receive a benefit within the framework of the city program to stimulate job creation in the amount of 1.5 billion rubles for a fee for changing the type of permitted use of land for housing, ”he said.

Long-term constructions are buildings, the construction of which, for one reason or another, stretched out for a long time or was suspended or abandoned altogether.

Long-term construction in the Timiryazevsky district has not been used for 17 years, and in the Levoberezhny district – 11 years, the head Department of Investment and Industrial Policy Alexander Prokhorov… “At the moment, Moscow has plans to reorganize the first six territories with long-term construction projects of over 7.7 hectares, more than 21 billion rubles are being invested in them,” he explained.

In order for the city to develop in an integrated and balanced manner, two related programs are being implemented: “Industrial Quarters” and stimulation of job creation. The first goal is the development of abandoned industrial zones and depressed areas. Participants of the second program build housing and create jobs outside the Third Transport Ring and the Moscow Ring Road and receive a serious incentive from the city to pay for changing the type of permitted use of a land plot. You can participate in two projects at the same time: in this way, investors can receive an incentive for changing the type of permitted use in housing construction, creating jobs within the framework of the Industrial Quarters program.

Combining the two programs will help relieve the center of the capital. Business clusters with tens of thousands of jobs will be created on unused abandoned territories, and Muscovites will have the opportunity to work close to home.

During the year of operation of the Industrial Quarters project, Moscow signed four agreements on the integrated development of territories. The process of development of the former industrial zones Oktyabrskoe Pole, Kuntsevo and two sites in the former industrial zone Korovino has already begun. Their total area is over 60 hectares. The volume of investments in the projects will amount to about 160 billion rubles, and the expected budgetary effect will exceed five billion rubles a year.

Five agreements have been signed under the job creation incentive program. They will bring more than 25 billion rubles of investment and more than 7,600 jobs to the Moscow economy. The tax effect after the commissioning of facilities will amount to three billion rubles a year, while investors will receive benefits from the city totaling 12.5 billion rubles.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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