Sky House project put on hold in Moscow by prosecutor’s office
2010-09-06
The Sky House project involving the construction of an upmarket residential block in the centre of Moscow has been stopped by the decision of the prosecutor’s office of the Zamoskvoretsky District of the city. The developer – Olter, affiliated with Mos City Group – is accused of having no permission for the land plot under the project. Olter got the land according to the investment agreement with the Moscow council in 2007. According to the agreement the developer is supposed to put up a 145,000 m2 residential complex and rebuild the nearby Trud football arena. Apparently the developer has not got a building permit for the land which should have been signed in 2009 at the latest. As a result, the prosecutor’s office opened a fraud case against the developer, which is already selling apartments in the complex.
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