Russian skyscraper laid low by crisis

[Hogan]

The British architect Norman Foster became the latest high-profile victim of the global economic crisis yesterday when developers in Russia said they were scrapping plans to build his design for Europe's tallest skyscraper.

Moscow's 600-metre high Russia Tower, which was supposed to dwarf Canary Wharf in London, would no longer be constructed, real estate magnate Shalva Chigirinsky said. His firm had run out of money, he admitted.

"Say thanks to [former US federal reserve chairman] Alan Greenspan and George Bush," Chigirinsky told ******* last night, adding that since the financial crisis in the US it was impossible to get any credit.

Work on the architect's 118-floor tower began last year. The skyscraper was sited on industrial land next to Moscow's river, surrounded by old warehouses and Soviet-era apartment blocks. The skyscraper was meant to be the centrepiece of a new business district and a symbol of Russia's resurgent economic might.

Its cancellation is an embarrassment for the Kremlin. Russia's leadership has struggled to explain to its citizens why the country faces an economic crisis, despite earning billions in recent years from soaring oil prices.
Russia yesterday also announced it would review spending on the 2014 Winter Olympics, saying it had "set a target of saving some money". The games have a $12bn (£8bn) price tag, of which $5bn is supposed to come from private sources. "There are of course difficulties with getting loans but none of the investors are pulling out," the top games official, Dmitry Kozak said.

An interesting look on how the worldwide crisis is affecting megaprojects.

Link here (http://www.guardian.co.uk/artanddesign/2008/nov/22/architecture-russia-norman-foster-tower)

[Rictor]

Wow, hard to believe. The government could always step in and provide some dough, if for no other reason than prestige.

[Dmitriev]

I hope they can find some funding...becuase the cancelation of a bulding like this is very sad. I personaly was waiting impatiently for its construction. :-(

[Breakfast in Vegas]

I hope they can find some funding...becuase the cancelation of a bulding like this is very sad. I personaly was waiting impatiently for its construction. :-(IMO "Russia Tower" didn't need to be built, most experts agreed there is actually no need for it. It was more a less a "look at me!" project trying to keep pace with the Arabs and Chinese.

Nonetheless, I'm hoping that the more serious other prestige projects in and around Moscow-City don't get axed. Construction has stopped on some of them, although most will be completed.... Federation Tower, Gorod Stoliz etc. On many the cladding is already almost closed.

Other projects, like the unique orange-shaped "house of art" planned near Park Kultury is one I wanted to see built and hope it does.

The credit crunch could also have a positive effect in one sense though, maybe that monstrosity Gazprom Tower in St.Petersburg won't be built. Zenit's stadium is getting scaled back though, which sucks.

Crystal Island and probably Federation Island are also threatened.

[Breakfast in Vegas]

"Say thanks to [former US federal reserve chairman] Alan Greenspan and George Bush," Chigirinsky told ******* last night, adding that since the financial crisis in the US it was impossible to get any credit.
He can also thank George Bush and Alan Greenspan for promoting the high oil prices in the first place, which was a major motor for the Russian economic boom in the last 5 years.

Win some lose some Chigo.

[Kitsune]

The Russia Tower was an very impressively looking project and it is a shame if it is was canned. Frankly, I would like to see projects similiar to this somewhere here in Germany. Unfortunately, too many here think like Breakfast in Vegas apparently does - things like that are unnecessary and only for showing off: "Pfui!"

Yes they are not strictly necessary and for showing off. But why not? FYI: something like the Cologne Cathedral has also been an completely unnecessary (who "needs" such a thing, huh?) "look at me!" project. After finally being completed in the 1880's - after a smashing six and the half centuries of building time - the "Dom", as the Colognians call it, was actually the highest building in the whole world for a few years (until they build a higher building somewhere in the US) and the citizens of Germany in general and the ones of Cologne in particular where damn proud of this.

"Look at me", says the Dom today to anyone who exits the the main railwaystation in Cologne. The same says the Parthenon in Athens. Or the Taj Mahal in India. Or the Pyramids. Or any work of art, for that matter. "Look at me and be inspired!"
Let's do some of this stuff again. Why not?

[Breakfast in Vegas]

The Russia Tower was an very impressively looking project and it is a shame if it is was canned. Frankly, I would like to see projects similiar to this somewhere here in Germany. Unfortunately, too many here think like Breakfast in Vegas apparently does - things like that are unnecessary and only for showing off: "Pfui!"
I wasn't against it actually and was hoping to make a lot of money off of it. It certainly would have looked cool and I'd have liked to have seen it. Crystal Island for that matter would have been even cooler.

Point is, beyond the trouble they are having getting affordable credit now, it wasn't needed. Being a business, the developers also feared taking huge losses on it as much of the office space was proving difficult to pre-sell. All the forecasts made 5-6 years ago in the planning stages and all the "let's build hotels on the moon" euphoria of the last 3-4 years in Moscow have been put in doubt, postponed or cast aside... even a lot of the semi-finished adjacent towers will have trouble reaching rent or purchase capacity, most certainly not at the rates that they were hoping for.

It is a business after all.

Would it have been cool? Yeah. Was it necessary or financially feasible? Apparently not.

Sad news, but I'll hope that it will still get built someday.Maybe it will, but I kind of doubt it.

[Civil Guard]

how about financing a sewage treatment facility in St Petersburg instead
of humping the s**t out to the Baltic sea...

[tea drinker]

Meh, as already said here it's keeping up with the Arabs.
I'm sure all sorts of fantastic and important things are getting canned around the world - I'd hardly count some tossers tower as one of them.


how about financing a sewage treatment facility in St Petersburg instead
of humping the s**t out to the Baltic sea...

Don't be stupid, what will the fish eat?

[NowPlaying]

Chicago spire is also canceled.

[Dmitriev]

Chicago spire is also canceled.

What???!!!, haven't heard of that..if it's true..sad thing, I really wanted to see that in my city :-(

[Shadowstorm]

Nope, the Chicago Spire is on hold still along with the Waterview Tower.

[Dmitriev]

ohh pheew.... Well, let's hope no other buildings will be cancelled, and that Russia will find funds for their tower.

[Vityaz]

how about financing a sewage treatment facility in St Petersburg instead
of humping the s**t out to the Baltic sea...

Hey, I swam in the Gulf of Finland! It didn't smell or taste that bad, but it was unseasonably warm... :roll:

[Breakfast in Vegas]

ohh pheew.... Well, let's hope no other buildings will be cancelled, and that Russia will find funds for their tower.
It's not RUSSIA's tower. It's a private investment. That's why it is getting iced. If it was "Putin's Tower" I think they'd find the cash somewhere.

The investor behind it, Chigirisnsky, and his investment group "Russian Land" have however stated that they still plan on building it someday. Posmotrem.

[Connaught Ranger]

The Russia Tower was an very impressively looking project and it is a shame if it is was canned. Frankly, I would like to see projects similiar to this somewhere here in Germany. Unfortunately, too many here think like Breakfast in Vegas apparently does - things like that are unnecessary and only for showing off: "Pfui!"

Yes they are not strictly necessary and for showing off. But why not? FYI: something like the Cologne Cathedral has also been an completely unnecessary (who "needs" such a thing, huh?) "look at me!" project. After finally being completed in the 1880's - after a smashing six and the half centuries of building time - the "Dom", as the Colognians call it, was actually the highest building in the whole world for a few years (until they build a higher building somewhere in the US) and the citizens of Germany in general and the ones of Cologne in particular where damn proud of this.

"Look at me", says the Dom today to anyone who exits the the main railwaystation in Cologne. The same says the Parthenon in Athens. Or the Taj Mahal in India. Or the Pyramids. Or any work of art, for that matter. "Look at me and be inspired!"
Let's do some of this stuff again. Why not?

In my opinion there is a big difference between a building constructed by the Church over a period of time and used as a place of worship, and which is part of the cities heritage, having survived the devastation of WW2, than a modern monstrosity that many people will never be allowed set foot in,unless they pay an enterence fee, and built purely for the "look my di*k is bigger than your di*k" mentality.

Connaught Ranger.

[Matrix33]

In my opinion there is a big difference between a building constructed by the Church over a period of time and used as a place of worship, and which is part of the cities heritage, having survived the devastation of WW2, than a modern monstrosity that many people will never be allowed set foot in,unless they pay an enterence fee, and built purely for the "look my di*k is bigger than your di*k" mentality.

Connaught Ranger.

I totally agree. Those scyscrapers have even fallic shapes...
Better to spend money on something else.
Damn, I work for construction sector and cancellation of many projects here cause problems in my branch and I assume it caused problems in Russia too.

[tea drinker]

In my opinion there is a big difference between a building constructed by the Church over a period of time and used as a place of worship, and which is part of the cities heritage, having survived the devastation of WW2, than a modern monstrosity that many people will never be allowed set foot in,unless they pay an enterence fee, and built purely for the "look my di*k is bigger than your di*k" mentality.

Connaught Ranger.
x2
Contructing a tower as homage to your own wealth is up it's own arse.

Look at Barcelona, what a city, they really had a lot of patrons there.
Even now look at that Sagrada Familia church - fantastic and they are still building it. That gives me hope.

Somewhere along the way we lost the ability to execute long term building projects, something that would take over a century to complete.
To me it reflects the modern selfism. Forget about doing something for the betterment of humanity, just do it for yourself!

[Flamming_Python]

Russia Tower has been put on hold, not cancelled AFAIK.
Federation Tower has been delayed by about 6-12 months.

[Rictor]

I totally agree. Those scyscrapers have even fallic shapes...
Better to spend money on something else.

Don't all skyscrapers?

[IraGlacialis]

http://upload.wikimedia.org/wikipedia/en/a/a6/RussiaTower-render.jpg

Meh, doesn't look like much of a loss if it gets axed.