The Chinese People's Republic is to fund the construction of a $1.25 billion "multifunctional complex of housing, social, public and business plots" in the southwestern coastal district of St Petersburg, Russia.
From the official literature:
The project supposes an integrated developing of the territory comprising 180 hectares, including land leveling, restoration of Matisov Channel (the object of cultural heritage of 18 century), construction of engineering facilities, creation of the road and street network, green spaces and parks.(via Carl Bildt at Bildt Comments)
The project aims to build more than 1 million square meters of residential houses with well developed social infrastructure: kindergartens, schools, libraries, health centers. The business area includes office spaces, hotels, shopping centers.
«Baltic Pearl» is a new level of the city architectural design and well reasoned urban structure. The main planning principle is focusing on people. For example an elevated pedestrian system is designed to make comfortable communication between buildings.
The period of the project development is 6-8 years. The first stage is planned for completion by 2008.