OREANDA-NEWS. December 08, 2009. A housing estate is to be developed on 14 Yurlovsky Proezd, within the area of Turist Haulage Company located in northeastern Moscow, by 2012.

According to a source from City Hall, 11,488 square metres of real estate possessed by the haulage company will be demolished to clear the building site.

The new structures will be designed and erected at the expense of the investor with no indemnity from Moscow’s budget funds.

10 per cent of flats in the housing estate will be moved into by the persons entitled to a benefit and ones on the waiting list, the rest will be owned by the investor.

All of schools and preschools as well as engineering networks and public utilities to be built within the development will be transferred into public ownership.