The Mixed-Use Hammer and Sickle

This year Kuznetsky Most Development will begin construction on a mixed-use complex on the territory of the former Hammer and Sickle factory. Jones Lang LaSalle has been appointed as the exclusive agent, and the developer will invest both $300 million of its own as well as attracted funds. The name of the developer’s financial partner has not been disclosed. 
The mixed-use complex will be located at the intersection of the large transport arteries of Shosse Entuziastov and the Third Ring Road, next to the Rimskaya and Ploshchad Ilicha subway stations, respectively. The 320,000-sqm above-ground area will comprise 100,000 sqm of office premises and 220,000 sqm of a shopping and entertainment center. The quality of the offices has not been determined, inasmuch as the complex concept has not been fully designed.
The shopping and entertainment center is slated to have a grocery discount hypermarket, electronics and household appliances store, a movie theater, an entertainment zone and a shopping mall. The names of the tenants, according to Jones Lang LaSalle, are not known, and, at this time, the enterprise is setting up beyond the city. 
Each area of the complex will be equipped with parking. Indeed, there are 1,500 spaces allotted for the office premises and 2,400 spaces for the shopping area. Moreover, Jones Lang LaSalle reports that there will likely be 4,000 above-ground parking spaces. 
Furthermore, the exclusive project agent has not stated whether the complex will be constructed in phases. The complex is slated to enter the market in 2009.
Maksim Karbasnikoff, head of the retail premises department at Jones Lang LaSalle, note that the location of the complex will ensure good access by transport to all Moscow’s residents, such as drivers and those using public transportation.
Moreover, according to representatives at Jones Lang LaSalle, the location of the complex specifically will allow the facility to maintain rather high lease rates.