Emin Iskenderov—owner of Russia’s Hermitage Construction & Management Group—has announced the building of two skyscrapers in Paris. Iskenderov has already channeled about 200 mn euros as input costs for the project and is looking to raise 700 mn euros more in funding through institutional financers.
Around one billion euros is the sales target for the project through sale of apartments only. The mega project will be housed in the city’s major business district, La Defense, by 2017 and is lower than the Eiffel Tower by only seven metres. The overall area it encapsulates is approximated to be 2,80,000 sq. m, including apartments at 1,60,000 sq. m, offices at 30,000 sq. m, a trade centre at 40,000 sq. m and a hotel at 35,000 sq. m. The company will also build 130 rooms for students in the towers as a part of its social obligations.