Russian Real Estate Grows St. Petersburg & Island New Holland

The island of New Holland in the northeast Russian city of St. Petersburg was created by the convergence of two canals constructed by Peter the Great in 1721. For many years it has stood silent and underutilized, shrouded in mists and secrecy. Now, it is on its way to becoming a major redevelopment story in this historic city. This 18.8 acre mixed-use project will have cultural, retail, hotel and restaurant space and is scheduled for completion in 2010. Russian developer Shalva Chigrinsky is leading the project, and has chosen British architect Lord Norman Foster to create the design for this historic island. At a conference in Moscow, Foster noted that the intent of the design was “to create an urban magnet which will relate to the nearby Marrinsky Theater and the Hermitage, to establish a new cultural quarter of the city.”