Contract Signed for Development in Nizhny Novgorod
The government of Nizhny Novgorod Oblast and the specialized developer «Ecolife» have signed a contract for the integrated development of the territory bounded by Boris Panin, Poltavskaya, Respublikanskaya, Izhorskaya streets and Vysokovsky Proyezd. The price of the right to sign the agreement amounted to 406.6 million rubles (approximately $4.1 million at current rates) with an initial cost of 11.73 million rubles (approximately $117,300). The total volume of investment obligations, including expenses for relocating residents, will exceed 2.2 billion rubles (approximately $22 million).
The development plan for this site was first presented in 2023. The project includes three non-contiguous plots with a total area of 3.3 hectares. On this territory, it is planned to demolish 21 residential buildings, most of which are dilapidated or in disrepair. In their place, nine residential buildings up to 18 stories high with underground parking, a kindergarten, and an adult polyclinic will be built.
The investor who will handle the project implementation was determined in December. It became the specialized developer «Ecolife» from Izhevsk. The company is part of the UDS group, which is also building the residential complex «N1» near the Chkalovskaya metro station in Nizhny Novgorod. The owner of «Ecolife» is Alexey Chulkin — a former deputy of the State Council of the Udmurt Republic and chairman of the regional branch of «Business Russia». According to data from the service «Kontur.Focus», Chulkin owns a number of companies in the fields of construction, precious metals mining, and oil.
The investor is required to complete the project within seven years.
