Taxi company park in St. Petersburg will be built up with housing contrary to the promises of the governor

In St. Petersburg, the Land Use and Development Commission (LCC) considered, but did not support, the initiative of the Legend development holding, which would simplify the construction of housing on the territory of the former taxi company No. 3 and a cosmetics factory. The commission's decision may reduce the profitability of the future project. This was reported on September 10 by the Delovoy Peterburg newspaper.

The request to change the rules of land use was submitted by Andromeda and Fortuna companies, which are part of Legend Holding. They own the rights to plots of 2 and 1.3 hectares on Beloostrovskaya and Serdobolskaya streets. The developer planned to build a residential complex with a total area of 46.3 thousand m2 there and asked to establish a TD1-1 zone for these territories, the most favorable for mixed residential and public buildings.

However, the KZZ decided to keep the TD1-2 zone for the sites. Residential construction is also possible in this area, but it is conditionally permitted, not the main one. The key difference is that this imposes restrictions: no more than 50% of the area of the territory can be allocated for residential buildings. According to experts, this makes projects less profitable for investors, as it reduces the density of buildings.

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This situation contradicts the statements of the authorities made earlier. In 2022, the governor of St. Petersburg, Alexander Beglov, said that the taxi company's site would continue to be used for public transport needs. At the same time, the city agreed to sell this plot to its current owner, the Third Park Company, which had the exclusive right to buy it out.

According to the newspaper, Legend has already leased the land of the Irida-Neva factory with the right of subsequent purchase. As for the fleet, according to experts, its main activity has already been moved to Lisiy Nos, so preserving the historical location may not be a priority for the company.

Thus, although formally the plans for housing construction remain in force, the refusal to change the zoning creates additional difficulties for the developer and may affect the economics of the project. No response has yet been received to requests from Legend, Third Park and Irida-Neva companies.

Andrey Serdyuk, a real estate market expert and author of the Telegram channel Realtor Academy, named the main payback factors for real estate in Moscow in an interview with Izvestia on March 29. According to him, the top 3 properties with the highest profitability and quick payback include studios and one-bedroom apartments in new buildings (up to 35 square meters), apartments in hotel complexes and apartments for daily rent (near the metro, near the TTK).

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