Stepashka, Sochi, Russia

DEVELOPMENT TYPE: MIXED-USE RETAIL / OFFICE COMPLEX

STATUS: SOLD

The Stepashka property is on a corner location where 3 streets converge. The main road off the sea is only 50 meters away and it’s a short walk from everything in downtown, such as Sochi’s most expensive restaurant, Club A and one of Sochi’s top condo developments (the “Premier”), which are both a block away. Major governmental offices are already established down the street, with the plan that the Border Guard is to soon be installed in a major office/residential complex under construction on the block.

We invested in this development in 2007. The current store is 300 meters squared on a lot that is 50 meter squared. We have received approvals from the City architect for 5-story redevelopment plans, and the property is being marketed as such. The development will be allowed to have 1,551 meters squared of saleable area.