Moscow Losing Ambitious Projects

This was bound to happen - with an ailing economy, lack of investors, diminishing confidence and a grim economic outlook for the next few years, Russia's most expensive construction projects are now on the chopping block. Naturally, all of them are in Moscow - Russia's mots developed and most Westernized city. Russia's Construction Portal website recounts the projects that are being stopped, delayed or cancelled alltogether:

"Moscow may be forced to shelve several of its megalomaniac projects which were planned during the period of high oil prices. The 612-meter (2000 feet) high Russia Tower in the Moscow City was intended to be the highest building in Europe, wrote Vedomosti Newspaper. However, the project is now not likely to see the light of day due to financial problems suffered by its developer, an entity controlled by local businessman Shalva Chigirinsky. Initially, the plan was scaled down and a 200-meter(about 650 feet) tower was mooted, however, the city council is now believed to be considering replacing the tower project with additional parking facilities for Moscow City visitors. Construction of the largest aquarium park in Europe on Poklonnaya Hill in Moscow has been postponed until 2011, although city authorities insist that the project will go ahead. The reality, however, is that the project is still in the pre-planning stage. The largest European TV centre project is also struggling to attract investors. In addition, the chances of the largest aviation and space museum eventually appearing on Khodynskoye field are also rather low. Experts have claimed that these projects were unrealistic from the very beginning."

RealClearWorld wrote earlier on this blog about Moscow's problems with its constriction projects once the economic and financial crisis hit Russia. For now, the replacement parking project at least makes sense - Moscow sorely lacks parking - above and below ground - for its ever increasing fleets of passenger cars. As far as ambitious high-rises and skyscrapers - most of them are now been built in a country that, despite the global economic malaise, still has a sound economy, and backed by a government that is forging ahead towards great-power stardom - China.