The Dream Development is a proposed Class A office building located in close proximity to the Garden Ring—one of Moscow’s most important transportation routes that surrounds the center of the city—and RGI's Maya and Chelsea Projects in the center of Moscow. The property is close to Prospect Mira Avenue and within a few minutes’ walk to the Prospect Mira metro station. A building that will be partially demolished as part of the redevelopment currently occupies the 0.31 hectare site.



Design
RGI’s current design for the Dream Development includes a gross area of 18,205 sq.m comprised of 14,000 sq.m of prime leasable office space and 198 underground parking spaces. The design calls for preservation of the existing building’s historical facade and complete reconstruction of the remaining portion of the building.

Status
The proposed development plan for Dream is based on RGI having already received detailed design approvals from Moscow City authorities. The next steps for the Company are to secure a land lease agreement for the construction site and to make extensions to the construction permit and Investment Contract. The project is expected to be completed to a shell and core standard during 2011 assuming the necessary financing is organized and the remaining regulatory items are addressed on a timely basis. RGI will not begin construction unless financing is in place.

Strategy
RGI’s strategy for Dream is to sell the development outright under appropriate market conditions either before or after the project is completed.