The Zagorodny Kvartal (“Suburban District”) builder, LLC Sheremetievo 4, has settled the issue of project financing and reached amicable settlement agreement with one of the general contractors, RD Construction. As a result, the previously suspended Zagorodny Kvartal housing development project will be resumed on October 8. The Zagorodny Kvartal buildings completion dates have also been announced.
The Moscow City Arbitration Court approved the amicable agreement between LLC Sheremetievo 4 and RD Construction and made it effective on September 30. As a result, financing of the previously suspended housing development project and construction of Zagorodny Kvartal will continue.
In 2014, RD Construction completed the second phase of the Zagorodny Kvartal project, building 25 town houses. After resumption of the project, the company will complete construction of five apartment houses (Buildings 15-18 and 20 will be completed in 2015 through 2016).
The general contractor will resume performance of the suspended contract on October 8. The parties will carry out an analysis of the incomplete projects under construction, determine the scope of additional, defects elimination work which will be necessary to carry out because of the suspension of the project and prepare additional agreements.
These documents will also specify the dates of completion of five apartment houses that will be built in Zagorodny Kvartal. Building No. 20 must be completed by the end of 2015, buildings No. 17 and No. 18 – by the end of March 2016, while completion of buildings No. 15 and No. 16 is planned for late 2016. Their early completion by the end of August 2016 is also stipulated.