DS Development, part of Don-Stroi Holding Company, opened the Schuka (Eng. – pike, pickerel) shopping and entertainment center, the company’s first commercial facility in St. Petersburg, in the first half of June. Total investment in the project was $120 million, of which the developer contributed 30% of its own funds, and a loan from Sberbank covered the difference.
Construction began on the shopping center in 2005 and was initially slated for delivery in the summer of 2006. However, as Don-Stroi’s PR department explained, new engineering technology, which appeared during construction of the facility, was introduced to increase the lifecycle of the building. “Accordingly, we decided to alter the project’s concept a bit,” representatives at Don-Stroi state.
The five-story, 100,000-sqm-plus complex has a three-tier, 740-vehicle underground parking lot. Tenants in Schuka come from Don-Stroi’s own retail projects, such as the Alye Parusa grocery supermarket, the ten-screen Karo Film multiplex as well as the C&A and KhTs department stores. There is a special entrance for customer convenience directly from the subway into the shopping center. The developer intends to management the complex independently, while Colliers International assisted in developing Schuka’s concept.