Former top managers of the elite developer Insigma created a new development company

The developer of the Orbital business center under construction on 3rd Magistralnaya Street in the west of Moscow with a total area of ​​27,000 sq. m stands for Ultima Development, follows from the register of capital construction facilities published on the website of the Moscow government in November 2022. The project itself in the so-called “Big City” (occupies 3,500 hectares around the Moscow City business center) was announced by the chief architect of the capital Sergey Kuznetsov back in 2021, but his developer was not disclosed. A representative of Ultima Development confirmed that the company is building Orbital, and a 1 hectare site was purchased for this purpose. The business center itself is planned to be completed in the third quarter of this year. The interlocutor of Vedomosti did not disclose investments in the project.

Ultima Development, according to SPARK-Interfax, was created by businessmen Konstantin Ustyugov and Alexei Rzhevtsev. Both of them previously worked in the luxury real estate developer Insigma (its portfolio includes the Noble Nest complex in Bolshoi Levshinsky Lane, Tessinsky 1 in the Kitai-Gorod area, Ordynka by Bosco Casa in Bolshoy Ordynsky Lane, etc.). Ustyugov in 2017–2020 headed the Insigma Development company, and Rzhevtsev in 2010-2021. headed Insigma Invest.