Moscow authorities will look for an investor to build 63.5 hectares on Khodynka
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The Moscow City Hall, having received about 65 hectares from Rostec almost two years ago on Khodynka, some of which were previously used by MiG and Sukhoi Design Bureau, has now decided to launch a project for the integrated development of the territory there, having sold the site to a potential developer. The starting price of the asset set by the authorities is a little less than 1 billion rubles, but the investor in the construction of more than 2 million square meters. m of real estate will have to invest about 300 billion rubles. Previously, almost all major developers showed interest in building the site, but now many of them do not comment on their possible participation in the auction. During a crisis, it will be difficult for one company to implement such a large project, so the creation of a consortium is not ruled out.
On July 4, the Moscow Mayor’s Office announced a tender scheduled for August 22 this year to find an investor for a project for the integrated development of a territory (CRT) with an area of 63.5 hectares on Leningradsky Prospekt near the Dynamo metro station. Some of these sites were previously used by the MiG and Sukhoi Design Bureau, which are part of the United Aircraft Building Company (UAC). The starting cost is 987.9 million rubles. It is the responsibility of the winning company to invest at least 300 billion rubles. in the construction of 2.3 million square meters. m of various real estate, of which 1.4 million sq. m – housing.
The city authorities received this site in 2021. Then it became known that Rostec, which includes UAC, agreed to transfer land on Leningradsky Prospekt to the mayor’s office, including for the construction of housing under the renovation program. Prior to this, UAC tried to sell about 58 hectares on the market itself at a starting price of 35.5 billion rubles.
The first applicant was the structure of O1 Properties (see Kommersant dated November 23, 2021). Having received more offers for the purchase, UAC raised the price to 40 billion rubles. But in December 2021, according to Interfax, the auction was cancelled.
Two years ago, almost all major developers claimed to develop the lands of the MiG and Sukhoi Design Bureau. In January 2023, PIK, LSR, Capital Group, MR Group and Asterus created a partnership for this – Amigo Holding LLC, where they received 20% each. But later all these companies withdrew from the founders of the legal entity.
In addition to these developers, Sminex, Ingrad, Strana Development, Level Group submitted applications for approval of a deal with sites on Leningradsky Prospekt to the Federal Antimonopoly Service. On Tuesday, Strana Development told Kommersant about their plans to participate in the auction. The Level Group says they will make a decision after studying the criteria for selecting an investor. Other companies declined to comment.
According to a Kommersant source in the market, now, due to the crisis, companies interested in developing the site are afraid of the large volume of construction required by the mayor’s office. According to his forecasts, there will not be a large number of participants in the auction, but the winning company will certainly create a consortium with the participation of other developers. “Now companies are evaluating this option,” explains the interlocutor of Kommersant.
The conditions for the implementation of KRT projects in Moscow do not subsequently exclude the change of the initial investor selected at the auction. So, for example, it happened with 35 hectares in the Korovino industrial zone in the north of Moscow, the investor of which was initially chosen by Inteko. But after the purchase of the business of this company, its new owner, Sminex, handed over the project to the trader Metallservice (see Kommersant dated June 7).
However, consultants believe that the former lands of the MiG and Sukhoi Design Bureau are still of interest. “This is a landmark location in the city,” says Timur Ryvkin, director of the Nikoliers land development department. “Moreover, there are practically no sites within the old boundaries of Moscow where more than 2 million square meters can be built at the same time. m.
The expert estimates the cost of building housing alone at 170-200 billion rubles. However, according to Ruslan Syrtsov, Managing Director of Metrium, a large amount of permitted housing construction will require serious expenses for social infrastructure from developers who decide to develop the site.
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