Ultima Development

History

2023: Building a Company

Former top managers of elite developer Insigma have created a new development company. It was named Ultima Development, and its first project was an office complex in the Big City (occupies 3500 hectares around the Moscow City business center). This became known on February 10, 2023.

According to the Vedomosti newspaper, citing data from the SPARK-Interfax system, Ultima Development was created by businessmen Konstantin Ustyugov and Alexei Rzhevtsev, who previously worked at Insigma (in the company's portfolio, the Noble Nest complexes in Bolshoy Levshinsky Lane, Tessinsky 1 in the Kitay-Gorod area, Ordynka by Bosco Casa in Bolshoy Ordynsky Lane, etc.). Ustyugov in 2017-2020. headed the company "Insigma Development," and Rzhevtsev in 2010-2021. led "Insigma Invest," indicates the publication.

Moscow City

As for the first project Ultima Development, it was called Orbital. This business center with an area of ​ ​ 27 thousand square meters. m is being built on 3rd Main Street in the west of Moscow. The project itself in the so-called "Big City" was announced by the chief architect of the capital, Sergei Kuznetsov, back in 2021, but its developer was not disclosed, the newspaper recalls. The representative of Ultima Development confirmed to her that the company is building Orbital and for this purpose a plot of 1 hectare was acquired. The business center itself is planned to be completed in the third quarter of 2023. Vedomosti's interlocutor did not disclose investments in the project.

Director of the Department of Representation of Tenants Nikoliers Francois Nonnenmasher estimates investments in the construction of Orbital at 4-4.5 billion rubles. Dmitry Antonov, director of the sales and acquisitions department at Ricci 'Offices, calls similar figures - according to him, the developer will have to invest another 1 billion rubles in the decoration. He estimates the rental rate in such a complex at 30,000 rubles per 1 sq. m per year^[1]

Notes