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VTB Bank starts implementing VTB Arena Park project

 
28 June 2010

Results of the international closed contest are announced to design architectural and urban decisions to re-develop the Dynamo complex territory. The winners were elected by the jury consisting of Andrey Kostin, President and Chairman of VTB Management Board; Sergei Stepashin, Chairman of the Audit Chamber of the Russian Federation, Chairman of the FC Dynamo Board of Trustees; Alexander Avdeev, Minister of Culture; Yuri Luzhkov, Mayor of Moscow; Valery Shevchuk, Chairman of the Moscow Cultural Heritage Committee; Aleksandr Kuzmin, Chairman of the Moscow Architecture Committee; Vladimir Pronichev, Chief of the Border Guard Service of the Federal Security Service of the Russian Federation and Chairman of All-Russian Sport Society Dynamo; Vasily Titov, First Deputy Chairman of VTB Management Board; Yuri Isaev, First Deputy Chairman of All-Russian Sport Society Dynamo; Alisher Usmanov, General Director of Gazprominvestholding; Oleg Mitvol, Prefect of the Moscow’s Northern Administrative District; and Andrey Peregudov, VTB Senior Vice President, Chairman of the Board of Directors of CJSC Dynamo Management Company.

When implemented, the project will be called VTB Arena Park. Among the participants of the contest were five teams consisting of large national and international architectural organizations, such as ABD Architects together with Perkins Eastman International (USA), GUP MNIIP Mosproject-4 together with POPULOUS (Great Britain), State Unitary Enterprise Mosproject-2 named after Posokhin M.V. (Russia) together with Erick van Egeraat B.V. (the Netherlands), SpeeCH Architectural Workshop (Russia) together with GMP International GmbH (Germany) and STD DEVELOPMENT PROJECT (Russia) together with Interstudio s.r.l. (Italy). The winner became the joint project by Mikhail Posokhin, an honored architect of Russia and head of State Unitary Enterprise Mosproect-2 and Erick van Egeraat B.V., a famous Dutch architect.

Under the project, VTB and All-Russian Sport Society Dynamo will establish CJSC VTB Arena. Dynamo will contribute to VTB Arena 100% of CJSC Petrovsky Park Arena shares and 75% minus one share of CJSC Management Company Dynamo. It will also purchase 25% plus one share of VTB Arena. VTB will make contributions to CJSC VTB Arena charter capital and will receive 75% minus one share. In future, CJSC VTB Arena will have 74% of FC Dynamo-Moscow shares. Further financing of the construction will be provided by VTB Arena own and raised funds. Total volume of investments including commercial part of the project will amount to USD 1.3 – 1.4 bln. As a major shareholder, VTB Bank will take under control the VTB Arena Park project implementation and will participate in its profit allocation.

VTB Arena Park project stipulates total reconstruction of Large Sports Arena and other facilities on the territory of the Dynamo Stadium, as well as construction of multi-functional complex, including a hotel, offices and apartments. Large Sports Arena building which preserved the historical structure of the stadium will become a modern construction with seats for 45,000 spectators. Functional zones of the football stadium will be made in compliance with the FIFA technical requirements and recommendations. Application of modern technologies will make it possible to reach multifunctionality of the building and transform the football field into a place for cultural and entertainment events. The stadium project stipulates construction of a universal sport hall for 10,000 spectators and a shopping and entertainment complex. One of the key terms of the contest was to preserve the existing park zone of the Dynamo complex. With this aim in view the Petrovsky Park will be preserved and the amount of greenery increased.

Summing up the results of the contest, Andrey Kostin, President and Chairman of VTB Management Board said: „The project of reconstructing the Dynamo Sport Complex is very important as a new sport center created in the historical place of Moscow proves continuity of both sport and cultural traditions of the capital. The reconstructed Dynamo Stadium will become the most state-of-the-art and high-technology football stadium in Russia meeting all international requirements. Moreover, it will be one of the best sport grounds of Europe”.

The design and construction of the Large Sports Arena is to be implemented in 2016, as Dynamo Stadium is in the Candidate Application to host 2018 FIFA World Cup.

Forreference:

The State Unitary Enterprise Mosproject-2 named after Posokhin M.V. was established in 1962 and is the largest complex project organization in Russia operating in the sphere of urban construction, architecture, urban design and engineering buildings, as well as restoration of historical monuments and city districts. The company consists of 20 architectural workshops with more than 1250 employees. Under the projects of these workshops, unique buildings are built and restored to form modern image of Moscow and its centre, including the Cathedral of Christ the Saviour, the Okhotny Ryad underground shopping center, the Four Seasons hotel at the Manezhnaya Square, Moscow City business center units, and many others.

The international architectural company was designed by Erick van Egeraat B.V. in 1995 and is involved in the construction of both new and historical buildings. The company operates in compliance with the standards set by the Royal Institute of British Architects and adopted in the Western Europe. The Company has representative offices in 5 countries and implemented projects in more than 10 countries.

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