The Palace of Arts in Budapest.
The building complex is a cultural institution which enriches the city’s more than 300-year-old, highly recognized intellectual life. With the Palace of Arts, St. Petersburg can accommodate internationally recognized events such as film festivals, music competitions, scientific, political, and economic conferences, and summits in a new venue. This would be the new venue for the prestigious, annual St. Petersburg Economic Forum as well.
The city-issued PPP-tender for the development of the state-of-the-art cultural center was won by Demján Group with its Russian partner, Invest-Stroy.
The designer of the cultural complex is ZOBOKI-DEMETER & Associates Architects, which has already won the architectural Oscar with the Budapest Palace of Arts. They work together with local architects in creating the new landmark of the Vasilevsky Island.
After getting the necessary permits – meanwhile, the infrastructural investments will be done – the newest St. Petersburg landmark will be built within 24 months. The more than €200-million development, to be built in PPP-construction, will be supported by the Demján Group’s member TriGranit Development Corporation, which has been highly recognized on the international property development market for its high-level performance. Thanks to the successful project, the citizens and the visitors can enjoy the Palace of Arts soon.
“The Palace of Arts provides the city with an excellent opportunity for fulfilling its long-term plan: being the candidate for the Cultural Capital of Europe. Additionally, it offers a new, more modern and comfortable venue for the well-known and acclaimed St. Petersburg Economic Forum.
“The construction and operation bring several thousand new jobs for Russian subcontractors and experts. It raises the cultural and congressional tourism revenue while the citizens can enjoy a new cultural and entertainment center,” said Sándor Demján, President of Demján Group, at the signing ceremony.
Designated-Governor Mikhail Eduardovich Oseyevskiy commented: “St. Petersburg has been planning a state-of-the-art cultural center for years. The Palace of Arts provides multi-million citizens and visitors with an even higher level of cultural experiences. The several-year-long experience of Demján Group in Russia and in Central and Eastern Europe is a guarantee that this one of the most advanced European cultural complexes which contributes to saving and renewing the cultural heritage of St. Petersburg.”
Demján Group member TriGranit is a fully integrated real estate investment, development and management company. With operations in seven countries in Central and Eastern Europe, a large portfolio of completed trophy assets, and a pipeline of over €4 billion of major mixed-use developments, as well as a number of public-private partnership (PPP) investments, TriGranit is well positioned to participate in the expanding real estate markets.