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Business news, 26.07.2010 17:42

Abramovich may invest in reconstruction of St. Petersburg landmark

Abramovich may invest in reconstruction of St. Petersburg landmark Tycoon Roman Abramovich may invest in the reconstruction of an 18th century man-made island in Russia's second city of St. Petersburg, the Kommersant daily said on Monday.

The 7.9-hectares New Holland Island was created in 1719, when two newly-built channels connected the Moika River with the Neva River, to house warehouses and shipbuilding facilities.

The island, which is currently abandoned, is considered a classic example of 18th century industrial architecture.

"The businessman [Abramovich] is preparing to take part in a tender [for the reconstruction of the island] to be announced by the St. Petersburg city government in August," the paper said.

Abramovich has already visited the site and is now looking into various reconstruction and development projects for the island, the paper said, referring to a senior source from the St. Petersburg city government.

Currently, only 208 square meters of the island belongs to the city, with the rest of the island's territory owned by the Russia's Federal Agency for State Property Management, Rosimushchestvo. The paper said Rosimushchestvo will transfer its part of the island to municipal ownership on Monday.

Federal authorities attempted to convert the New Holland Island into a large trade and entertainment center in 2006, but the project was eventually suspended after an investor pulled out due to financial difficulties.

News source: RIA Novosti

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