Building corporation Mirax Group has announced its intention to complete the construction of the Federation Tower, Europe’s highest skyscraper in the Moscow-City business complex, to the previously projected 97th floor, instead of the 64 floors announced by the company at the height of crisis in 2009 when financing dried up. There is no longer doubt that this tower will be built up to the 97th floor as we are now in the final stage of choosing investor for completing the project, Nikolai Koshman, the company’s board first vice president, said.
Such optimistic announcement has rekindled the hope for locating the Grand Hyatt Hotel in the Federation Tower as it is the uppermost floors of this building are to house the 368-room and 29-apartment five-star hotel. According to the Mirax Group management, about $240-250mlm will be needed to complete the building, while the construction itself will take two years from the moment of securing financing. “Currently, negotiations are going on with Alfa Bank and Sberbank to attract the necessary funding,” company’s Board Chairman Maxim Temnikov noted.
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