Construction has commenced on Morskaya Street in Murmansk, near Lake Varnichnoye, marking the beginning of a significant investment project. The project is a joint venture between developer GloraX and the government of the Murmansk region, formalized through an agreement signed at SPIEF-2024.

The development plan includes the construction of four residential buildings, varying in height from 7 to 16 floors. These buildings will offer a total sellable area of 119,000 square meters.

In addition to the residential buildings, the project incorporates enhancements to a park area and the embankment. The developer will improve a park in the small Valley of Comfort, spanning 8.34 hectares, and create pedestrian-friendly coastal zones along Lake Varnichnoye and the stream’s spills.

The project is scheduled to be carried out in four phases, with an expected completion date in 2032. The total investment for the project is estimated at 14.6 billion rubles.

Governor Andrei Chibis noted that the Murmansk region has revitalized housing construction by attracting major developers, partly due to the expansion of “Arctic Mortgage” conditions to the region since November 2023.

Over the next decade, the Murmansk region aims to construct over 1 million square meters of housing.