AFI Development is getting back in the development game in Russia, following a revision to its business plan for 2010. Specifically, the company says it’s reached an agreement on its Mall of Russia project, under which it will complete necessary infrastructure around the project. In return, the city is to give up a commensurate share in the project.
Also, AFI will resume work on its Tverskaya, Ozerkovskaya, Paveletskaya and Kalinina projects. According to Alexander Khaldey, Chief Executive Officer at AFI Development:
“We observed signs of strengthening in the market in the last few months of 2009 and we believe this is the right moment selectively to move forward with a number of our important projects. Having reached an agreement with the City of Moscow we see a clear path to completion for the Mall of Russia this year and we intend to resume work at three projects, including Ozerkovskaya where we have a successful track record from our first two phases of development. We are also expanding our hotel portfolio in southern Russia and intend to complete works at the Paveletskaya Business Park in Moscow.”