LSR Group, one of the leading real estate developers and building materials producers in Russia, received rights for land reclamation and further development of 143 hectares of the northern part of Vasilievsky Islandin St. Petersburg.
The Company plans to use the new territory for the construction and development of a residential complex with an outstanding view. According to preliminary estimates, the residential area will account to approximately 700 ths sqm, while commercial premises and other integrated area will reach around 260 ths sqm. The project will also provide for the placement of the three schools for 3,300 children, 4 separate and 2 built-in kindergartens for 1,130 children.
LSR.Basic, the subsidiary of the LSR Group, will conduct land melioration works to raise elevation marks and stabilize current land plots. The Company owns a specialized fleet, including hydraulic dredges and loaders, cargo and other vessels, as well as it has a unique experience in land reclamation. The project will require around 8 million cubic meters of sand. The subsequent work of raising elevation marks may take from 3 to 4 years, whereas the whole project of LSR Group is scheduled to be completed by 2034.
The development area will also include various social, business and transportation infrastructure facilities, as well as large-scale public areas that will create a comfortable living environment. Around 43 hectares are planned to be landscaped, including the embankment of the Smolenka River (c. 1,200 m) and the embankment of the Gulf of Finland (c. 2,100 m).
LSR Group has been developing the residential complex «Morskaya Naberezhnaya» on the reclaimed territories of Vasilievsky Island, which will contain around 500 ths sqm of the residential area and already proved great popularity among clients. An evergreen park has been underway as a part of this project: around 1,150 of two-meter spruces and pines were planted along the territory. The park will become the largest in the Vasileostrovskiy district of St.Petersburg.
For more information please contact:
Director of Investor Relations
LSR Group Press Service