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Investment Portal of the Arctic Zone of the Russian Federation
04.07.2024 /// AZRF resident, Titan Development LLC, has unveiled a new cultural and business centre at the junction of Troitsky Avenue and Pomorskaya Street in Arkhangelsk. The two-story structure stands where merchant Sergeyev's wooden house once stood before it burned down in the late 1970s or early 1980s. Only the basement survived the fire, which became the foundation for the new construction. The cultural and business centre is designed to blend with Arkhangelsk's historic buildings, which form the core of the city's traditional landscape. The building's total area is 616.65 sq m, with both floors available for lease. The project required an investment of RUB 86.9 mn.
Irina Frolova, CEO of Titan Development LLC, stated that for years, the remnants of merchant Sergeyev's house left a void in the city's historic centre that needed filling.
'We had access to photographs and descriptions of the original trading house, which inspired the architectural concept of the modern building. We incorporated period elements such as arches, turrets, pilasters, cornices, wrought iron grilles and weathervanes. The clock on the corner tower is a key feature of the façade, paying homage to the watchmaker's shop that once occupied this site. This project carries significant social and historical importance,' Irina Frolova emphasised. Local contractors crafted the wrought iron grilles and metal decorations, while companies from other regions supplied the clock and additional ornamental elements.
The cultural and business centre's construction involved extensive archaeological assessment, a crucial step in an ancient Russian city. Archaeological work at the construction site was carried out in spring 2021 by the Department of Preservation of Archaeological Heritage of the Institute of Archaeology of the Russian Academy of Sciences (IA RAS). The archaeological investigation covered a total area of 240 sq m. 'The IA RAS archaeological observations documented cultural deposits from the late 17th to early 18th centuries, which were detailed in the corresponding reports,' Irina Frolova noted.
Today, the new cultural and business centre has become an integral part of Arkhangelsk's centuries-old historical landscape. 'In recent years, there's been a growing focus on preserving historical and cultural landscapes. It's being studied, with numerous scientific expeditions and research projects helping to restore architectural monuments and revive the building traditions of northern architects. We believe our project extends the historical and cultural landscape, seamlessly integrating into it,' Irina Frolova added.
According to Titan Development's CEO, the most beneficial AZRF resident perks were the land tax reimbursement for the first decade and the property tax reduction to 0.1% for the initial five years. Additionally, AZRF residents in the Arkhangelsk Region enjoy a 75% subsidy on insurance premiums for the first 10 years, a 5% profit tax for the first five years, a 1% simplified tax on income and a 5% simplified tax on income minus expenses for 5 years, as well as a 50% mineral extraction tax deduction for mining companies that discover new local deposits (excluding coal and hydrocarbons) until 2032. Currently, the AZRF has 734 registered residents, with a declared investment of RUB 862 bn and plans to create 26,316 new jobs.