Among the capital cities of Eastern Europe, Kyiv boasts one of the highest numbers of stalled real-estate projects. Many ambitious developments have been announced over the last five years, only to be later scrapped for lack of funding or because they became mired in red tape.
One firm, however, promises to set a precedent in taking a real estate development all the way through to completion.
Last June, the Kyiv City Administration and Royalstone, Ltd., a British developer, announced an ambitious plan to build a luxurious micro-neighborhood on the left bank of the Dnipro. The developers chose an unnamed peninsula in the Dniprovsky District as the site for the project. The peninsula lies just south of Generala Vatutina prospekt, which connects with Moskovsky bridge.
The 130,000-square-meter development, named Dniprovska Prystan (Dnipro Pier), involves construction of a 700-unit residential complex plus a shopping center, a hotel, a medical center, a private school, a fitness center, and a yacht club. Future residents will choose whether to live in three- to six-story buildings, three high-rise towers, English-style townhouses, or detached houses with individual gardens, all built to British standards. The area will feature 24-hour security and Western-standard facilities management.
Since its announcement last year, ZAT Dniprovska Prystan, a local subsidiary of Royalstone, Ltd., has been working to move the project forward. In December, the company secured provisional approval for the project from the City Administration and obtained the necessary permits.
Peter Davis, chairman of ZAT Dniprovska Prystan’s audit committee, said the company plans to announce the construction tender this summer, with the first units expected to be completed by mid-2002. He said that the entire complex should be finished by December 2004. Housing at Dniprovska Prystan will likely be the most expensive in Kyiv, but the developer expects sales to be brisk.
***
KPMG Ukraine, an accounting firm, last week signed a lease for 952 square meters at 11 Mykhaylivska, joining Altheimer & Gray and USAID’s Bizpro project in the 3,000-square meter property. The company plans to relocate to the new office in June. This latest deal, brokered by DTZ Zadelhoff Tie Leung, effectively brings 11 Mykhaylivska to 87 percent occupancy, with only 400 square meters available on the top floor.
***
Real estate brokerage Colliers International assisted accounting firm Ernst & Young in negotiating a lease for 518 square meters on the third floor of Millennium Office Center.
Ernst & Young plans to move to the new location this month. Colliers also brokered the expansion of Kazakh Oil, which took an additional 380 square meters at its current 6 Franko address. The brokerage also arranged the sale of 654 square meters on two floors of City Plaza Business Center, 62 Chervonoarmiyska, with the sale of 327 square meters on each floor.
