23 September 2013
Finnish developer YIT has begun the first phase of a premium apartment complex in the centre of St. Petersburg, Russia.
Called Smolny prospekt the development consists of 400 apartments in three new buildings on a 2.9-hectare plot, and the renovation of existing buildings on the plot.
The Taller de Arquitectura studio of Spanish architect Ricardo Bofill is responsible for the overall design of the area.
![](https://www.globalconstructionreview.com/wp-content/uploads/2021/08/x520yit_smolny_prospekt.pagespeed.ic_.YJ2lgnzW6M.jpg)
Artist’s rendering of the Smolny prospekt development in St. Petersburg
YIT says the total value of the total project is approximately $404m and is expected to be complete by the end of 2017.
The first phase has a value of approximately $175m.
Late last year YIT started renovating existing buildings on the plot, maintaining the original facades.
Source: YIT