AFI Development has received further planning approval for its $7.6bn (£4bn) scheme in Kuntsevo in Moscow, Russia.
AFI's wholly-owned subsidiary ZAO Armand has been granted the right to finance and procure town planning documentation for the Kuntsevo project in the form of a new Moscow Government Resolution.
The Kuntsevo mixed-use project, which has an end value of $7.6bn (£4bn), involves the redevelopment of a traffic interchange at Kuntsevo metro station as well as an office complex, hotel, leisure and entertainment center, and various administrative and parking premises
The resolution granted today defines more detailed zoning for the future premises and the precise geographical boundaries of the Kuntsevo project, which overall has increased from 1.2m (13m sq ft) to 1.5m sq m (16m sq ft) as previously approved by the Moscow Land Committee.
AFI next has to receive approval for the town planning documentation from MoscomArchitectura, Moscow’s Committee on Architecture and City Planning. It will also begin to draw up detailed designs before it can obtain full permission.
AFI Developments, which was established in 2001 as a subsidiary of Africa Israel investments, is one of the leading developers in Moscow, other Russian regions and the CIS. Last year AFI Development was admitted to the main list of the London Stock Exchange and raised $1.34bn (£720m).