OREANDA-NEWS. On 20 January 2009 was announced, that Moscow City Hall plans to have previously demolished Rossiya Hotel dismantled completely by the end of 2009, Vladimir Resin, head of Integrated Body for Urban Design Policy and Development of Moscow, said.

“It is planned to have demolished Rossiya Hotel dismantled this year. We hope to complete the development of a new neighbourhood in this area not later than in 2012. The project will be implemented by JSC Gostinitsa Rossiya,” the official specified.

According to Mr Resin, the project aimed at raising Rossiya Tower within MIBC Moskva-City has been put into cold storage as its investor has no funding to proceed with the development.

Speaking about the construction of a new building for City Hall in the same area, the head of Integrated Body for Urban Design Policy and Development of Moscow noted that it went according to plan.

Mr Resin emphasized: “It is an investment project. And any suspension of the object entails huge losses.”