The Crocus Group Holding has launched a project to build 14 skyscrapers at the 66-kilometer mark of the Moscow Ring Road, next to the multifunctional Crocus City complex. The new project is to boast a total area of 1 million square meters of realty, RBC daily reported, citing Emin Agalarov, Crocus Group Holding's deputy president.

The first phase of the project, which is scheduled to be completed till 2016, is to include three high-rise buildings - a 51-story office skyscraper (137 thousand square meters), a residential complex of 500 apartments 50 thousand square meters) and Europe's largest Holiday Inn Hotel at 1,000 rooms (81 thousand square meters). The property is to also feature a restaurant, fitness center, spa and parking for 900 cars. All three are to be joined by a three-story-high walkway.

The concept for the development was created by the holding's own architectural firm together with American architects Kling Stubbins. Investment in the initial phase is to be approximately US$ 3 billion. Crocus Group initially called the project "Crocus City Manhattan" when announcing it three years ago, but the company suspended the project, focusing its resources on the construction of facilities for the recent APEC summit. The project is now simply called the multifunctional complex, but, according to Agalarov, it will also be "reminiscent of New York."

Recall that Emin Agalarov is married to Leyla Aliyeva, the elder daughter of Azerbaijani President Ilham Aliyev.