(PRWEB) November 01, 2012
An Auction House of the Russian Federation has announced a new auction of 11 land plots, that are all assigned for residential development.
A starting combined bid is set to be $37 million. The plots will differ in sizes from 0.75 to 27 for the total of 87 acres and represent a part of the Integrated Urban Development project.
All the technical specifications in order to connect the utilities have been received and the landowner has started constriction to bring electricity supply down to the land parcel.
The project calls for creating of up to 5 million square feet of residential real estate with most of the housing created not to exceed eight stories high.
“There is no doubt that Yanino development will be in high demand, among developers and potential buyers, because of it proximity to Saint Petersburg as well as Saint Petersburg Beltway. However, due to availability of only one two-lane highway connecting to the Beltway, the notorious traffic jams, that are well know to the locals, if not solved, will negatively affect the viability of the project.” - commented Vladimir Skigin, a co-owner of the managing company Satellit Development, LLC.
“An activity of the auction participants will depend on proposed resolutions of traffic problems, guaranties and proper evaluation of the land plots prices.” - concluded Vladimir Skigin.