The strategic agreement between the Sevkabel Group and the St. Petersburg government regarding the reconstruction of the “Sea Terminal” within the “Harbor 2.0” concept has been terminated, putting the future of the project in question. The project’s development has been paused after the St. Petersburg authorities initially announced intentions to independently renovate the terminal.

According to Stanislav Mikhailov, General Director of Sevkabel Port Management Company, communication between the investor and the city ceased even earlier than the agreement’s expiration in the summer of 2024. He stated that the project stalled after personnel changes in the St. Petersburg government. Alexander Voznesensky, Chairman of the Board of Directors of the Sevkabel Group, had previously noted that the delay was due to these personnel changes, despite the agreement remaining in effect.

The St. Petersburg authorities had sought an investor for the Sea Terminal reconstruction since 2019. The Sevkabel Group, along with the Azimut hotel chain, agreed at SPIEF-2021 to renovate the terminal for 3.1 billion rubles, with plans to convert the building into a hotel and create a public space. The total investment in the “Harbor 2.0” project was estimated at 10 billion rubles.

Despite the termination of the agreement, some progress had been made, including the decommissioning of the border crossing point from the Sea Terminal in 2023. In the spring of 2025, the Sea Terminal was added to the register of identified cultural heritage sites, pending a state historical and cultural examination to determine its monument status. There was also a proposal to change the building’s function from transport to hotel and include trade and catering in permitted land uses.

In late spring 2024, the St. Petersburg authorities announced a competition for the design of the terminal’s reconstruction for 80 million rubles, including options for a shopping center, hotel, offices, and a restaurant. The contract with the winning Moscow company, LLC “Bayer,” was terminated in February 2025 due to the contractor’s failure to meet deadlines.

While JSC “Passenger Port “Morskoy fasad”, which manages the “Sea Terminal,” has no current plans for a new tender or allocated budget, the investment committee is reportedly seeking a new investor. However, the primary plan may be to repair the Sea Terminal using budget funds. The Investment Committee requires “additional elaboration of the conditions under which the investor will have the opportunity to implement the project,” specifically the possible model for transferring the property complex to the investor.

Passenger Port Morskoy fasad ended 2024 with a loss of 67 million rubles, despite increased revenue and a subsidy of 216 million rubles. The port currently services the Antey cargo-passenger ferry and provides berthing and rental services. The rental of areas within the Sea Terminal serves as a source of income, with approximately 300 tenants and “up to 200 legal addresses.”