ST. PETERSBURG -- Hungarian property developer TriGranit Development has announced that it will invest $2 billion to $3 billion into new premises in St. Petersburg, including the construction of a shopping and exhibition complex.
The development will be built on the site of the former Badayevskiye warehouses -- wooden buildings dating to the beginning of the 20th century located on Kievskaya Ulitsa, said Sandor Demjan, chairman of the company's board of directors, Interfax reported. The warehouses have caught fire several times in recent years and have been largely destroyed.
TriGranit Development plans to complete construction within four years of obtaining the required permits from city authorities, Demjan told the news agency.
