OREANDA-NEWS. On 11 March 2009 was announced, that City Hall fixed a time when the development of a mixed-use complex on 3 Taganskaya Street, downtown Moscow, would be completed.

According to a source from Moscow’s Department of Property, the project is currently undergoing the final stage.

Initially, a site on the opposite side of Marksistskaya station of the Moscow Metro was allocated to Magestrium-M closed joint stock company for developing a cultural and business centre, however, it transferred the right to have a long lease on the site to LLC General Center in 2002.

A purpose the object was changed in 2003 – the new investor decided to raise a cultural-office-and-shopping complex with underground parking instead of the cultural and business centre.

Moscow Mayor Yuri Luzhkov has recently signed a decree to extend the period of time within which the object is to be completed.

According to the mayor’s decree, the total area of the structure will be 12,300 square metres, including the 3,500-square-metre substructure. The complex will comprise two underground levels and three buildings of various heights, with 3, 6, 7 floors. The project is scheduled to be implemented by the end of 2009.