The site with the Riga market and Krestovsky will be put up for auction for У155 million

The Riga Flower Market and the Krestovsky department store on Mira Avenue in Moscow can be demolished or reconstructed as part of the Integrated Territory Development Project. The authorities of the capital intend to put up a plot of 3.21 hectares for auction to select an investor, according to a document published on October 7 by the Department of Urban Planning Policy of Moscow.

We are talking about the territory at the address: Mira Avenue, possession 82-92. In the decree of the Moscow government, objects located on the site are classified as subject to demolition or reconstruction. In particular, the relevant cadastral numbers of the market and department store buildings are indicated in the list of KRT facilities.

The initial cost of the auction will be 155.4 million rubles. Bidding for an investor must be held within 90 days.

Within the framework of the KRT, construction of up to 170 thousand square meters of real estate for public and business and other purposes is allowed on the territory. In particular, the project provides a hotel for 380 rooms with a total area of 35.1 thousand square meters.

RBC sent a request to the Riga Flower Market and the Krestovsky department store.

The market is located on Mira Avenue, next to Riga metro station and Riga railway station. The modern market building opened in 1982 as an agricultural market; during the period of perestroika it became one of the notable centers of cooperative trade. Today, the Riga market is primarily known for flower trading: after the closure of the radio market in 2012, flowers became one of its main commodities.

The fact that the plot of 3.27 hectares near the metro station “Riga” will be reorganized under the program of integrated development of territories, the city authorities reported in 2023. Deputy Mayor of Moscow for Economic Policy and Property and Land Relations Vladimir Efimov explained that instead of existing retail facilities, it is planned to build up to 170 thousand square meters of real estate there, including a hotel with an area of up to 60 thousand square meters, shopping and office centers, shops and cafes. Investments in the project were estimated at 23.4 billion rubles, the annual budget effect was 1.7 billion rubles

The program of integrated development of territories has been implemented in Moscow since 2020. It is designed to bring back abandoned or inefficiently used land in the capital.

By the end of 2025, there were 336 KRT projects in Moscow at different stages of implementation and development. Their total area exceeded 4.2 thousand hectares, and the town-planning potential was estimated at about 68.3 million square meters. m of real estate. Of this volume, 29.4 million square meters should be public business and production facilities, another 38.9 million square meters - housing, including 9.8 million square meters for the renovation program.

By the end of 2025, the city authorities approved 146 projects of the KRT - three times more than a year earlier. These solutions cover about 1.3 thousand hectares, where it is planned to build 17 million square meters of real estate and create 112 thousand jobs.