$38,5m residential compound to be built in Moscow region

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$38,5m residential compound to be built in Moscow region
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Glorax Development, a building developer’s company based in the Russian city of Saint Petersburg, received a permit to build “Olymp” residential compound in the Sergiyevo-Posadsky District located in the Moscow region.

A 3,6 hectare plot of land was allotted for a construction site, the companies press office told Construction.RU on Tuesday. Glorax Development intends to erect there 60,000 square meters of a comfort-class housing. An expected amount of investments totals 2,5 billion rubles ($38,5 million).

“Olymp” residential compound will have seven monolithic buildings with the height of 8 – 9 storeys, as well as an underground parking.

The project will be implemented in two phases. The first buildings will be constructed over the course of the fourth quarter of 2018, the whole project is scheduled to be completed in 2022.

As a reference, the city of Sergiyev Posad grew in the 15th century around one of Russia’s most famous monastery, the Trinity Lavra, which is still one of the largest monasteries in the country.