The St. Petersburg Times  

Issue #1309 (75), Tuesday, September 25, 2007

BUSINESS

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Sochi to Boast Russia-Shaped Artificial Island

Agence France Presse

SOCHI, Russia — Russian developers outlined plans on Saturday for a 350-hectare artificial island in the shape of Russia to be built off the Black Sea coast near the future Olympic venue Sochi.

Federation Island is expected to house around 25,000 people in apartments and villas and is to be completed in time for the 2014 Winter Olympics in Sochi, said its designer, Dutch architect Erick van Egeraat.

It will have two marinas, three religious centres, roads, parkland and artificial rivers, the latter designed to mimic some of the major rivers of Russia.

“Building something in existing houses, within existing agreements is harder than building something new,” van Egeraat said as he outlined the project on the sidelines of a weekend economic forum.

The project will cost around 6.2 billion dollars and is to be located along the coastline near to where many Olympic complexes are also planned. Construction is due to start next year and developers M-Industry, based in Saint Petersburg, said the project had all the funding in place.

An official from the Krasnodar regional administration where Sochi is located, Yury Rysin, described it as “a unique project for our country.” The Russian state has undertaken to spend billions of dollars in upgrading the region’s ageing Soviet-era infrastructure, including new roads and telecommunications.

More stories by this section:

Belgravia to Invest $2 Bln Across Russia | In Brief | Imperial Angered By Mitvol | President Welcomes Foreign Investment | RusAl Puts IPO On Hold ‘Indefinitely’ | Severstal Ventures Further Into Gold Mining

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