The former Kyiv Fashion House on Shota Rustavelli 16 (near Lva Tolstoho metro) is getting a makeover.
Colliers HIB Ukraine is slated to become a leasing agent for the project, which will turn the former fashion house into a business center. The actual renovation work is being carried out by propety owner SC KDMO.
According to Mark Mangum, general director of Colliers HIB Ukraine, reconstruction work on the building started in spring of 1998, but was put on hold when last fall's financial crisis hit. The completion date for the project has now tentatively been set for the first quarter of 2000.
Colliers is confident that tenants will be attracted not only by the building's superb location in the heart of downtown, but by its modern facilities.
The 5,900-square-meter building has eight floors, and when finished, will have 250 ISDN phone lines installed, as well as access to satellite TV.
Outside, the building's parking lot will have space for 40 cars, and inside, a TRANE climate control system will maintain comfortable working conditions throughout the year. The building will have a backup generator, so it won't fall prey to interruptions in the main electricity supply.
Access to the building will be controlled 24-hours a day by security guards, and a modern fire-safety system is to be installed.
The monthly rent for office space will be $25 per square meter, with leasing terms ranging from two to five years. According to Colliers, the Embassy of Argentina and a local bank are expected to move in once the building is completed.
Meanwhile, Colliers is also expected to become a leasing agent for a second reconstruction project now taking shape on Vladimirska/Prorizna 24/39.
The project, known as the Grand Plaza, was started two years ago with the renovation of an old building of historical value, but work has only been proceeding apace since May 1999. The project will be completed in spring of 2000, Colliers say.
The Grand Plaza will be a class-A multi-function complex, with 52 luxury apartments and two floors of retail space.
The building is situated in the Golden Gates district of Kyiv – a popular location for high-end residential and office space, and within easy reach of some of Kyiv's most famous sights, as well as some of Kyiv's best bars and cafes.
Gelegen Developments, a subsidiary of the U.S. House of Grands corporation, is carrying out the reconstruction work. It plans to have 900 square meters of retail space available on the first and second floors, which will be leased to tenants for terms of 20 years to 25 years. (Tenants will have the right to sub-let or assign the space to third parties.) The space will also be available for purchase, at $2,500 per square meter.
The apartments will feature all modern conveniences, including high-quality fiber-optic phone lines and a climate control system. Residents may also have access to one of 30 reserved parking spaces next to the building.
