City of Krasnoyarsk orders uncompleted "Eldorado" on Sukhomlinov Street to be completed.
The Arbitrazh Court of Krasnoayarsk Krai has ruled in favor of the city's municipality, which has repeatedly attempted to seize an unfinished construction project on Ulitsa Surikova that has stood idle for over 20 years. The building is now set for auction, possibly becoming an office complex with hotel accommodations.
According to the court decision, El Dorado Trade Complex LLC must submit the necessary building permits, project documents, and technical specifications concerning the incomplete construction project within ten business days following the ruling's implementation. The court also ordered the property owner to pay 80,000 rubles in building fees to the city's budget.
The incomplete construction project on Ulitsa Surikova has been unable to be sold for many years. Construction began in 2005, initially planned as a shopping mall. In 2015, it was announced that the building would be transformed into a luxurious hotel; however, these plans never materialized.
Despite the prolonged construction period, the property owner has shown no interest in relinquishing the site: several years ago, the municipality attempted to seize the property from El Dorado Trade Complex LLC but was unsuccessful; the company won the case, and later extended the lease. The lease term expired in 2024, prompting city authorities to undertake another effort to resolve the ongoing issue with the idle construction site. The legal saga is now concluded.
According to official documents, after seizing the property, the Krasnoayarsk administration intends to sell the 83%-complete construction site at a public auction.
Last year, Krasnoayarsk Mayor Vladislav Logunov stated that a restaurant chain called Vkusno & Tochka (previously McDonald's) was poised to purchase the incomplete construction site. According to Logunov, the franchise aims to redevelop the building into office space with hotel rooms.
Although the restaurants will have to compete in the upcoming auction—the bidding process has yet to be announced—it appears that Kransnoayarsc residents will continue to see the incomplete construction site for at least several more years.
The upcoming auction of the incomplete construction project on Ulitsa Surikova could attract investors looking for opportunities in finance and real-estate, as the property is now 83% complete and has the potential to be transformed into an office complex with hotel accommodations. Moreover, unlike previous plans for a shopping mall or a luxurious hotel, the restaurant chain Vkusno & Tochka has expressed interest in redeveloping the building for office space with hotel rooms, indicating a shift towards a more diverse range of business opportunities.
