• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Abramovich to invest in historic island

Nov 16 2010 11:25 Reuters

Related Articles

Luxury yachts fly the green flag

Russian officials' love of luxury

Madoff reveals $823m luxury life

NY luxury housing market cracks

Sol Kerzner throws $20m party

Hostile move on Kerzner group

 

St Petersburg - Russian billionaire Roman Abramovich will invest $400m in building offices and houses on an artificial island in Russia's imperial capital, Saint Petersburg authorities said on Monday.

The owner of Chelsea football club will build a multi-function complex covering 100 000 square metres on the triangular island, called New Holland, that was created in 1720 and now sits abandoned and covered in rubble.

Some conservationists oppose reconstruction on the island, where the Bolsheviks broadcast the October Revolution of 1917 to the world, and where the chemist and creator of the periodic table of elements, Dmitry Mendeleev, had a laboratory.

Saint Petersburg vice governor Igor Metelsky told reporters that the $400m being put into the development would come from Abramovich's investment vehicle Millhouse.

Offices, museums, art galleries, private housing and a hotel are all planned for the island, said Millhouse's spokesperson John Mann, adding that it would take seven years to build.

Mann said the island's neoclassical brick arch, built by the French architect Jean-Baptiste Vallin de la Mothe towards the end of the 18th century, would be renovated.

But Lyudmila Semykina from the All-Russian Society for the Preservation of Historical and Cultural Monuments opposed the plans.

"This is a protected area. Federal law dictates that the land should be used for historical-cultural purposes, and not for commercial real estate," Semykina said.

Authorities tried to turn New Holland into an entertainment centre in 2006, but the project was axed when investors pulled out because of the economic crisis.

roman abramovich  |  russia  |  construction

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...