Foster's Russia Tower Falls Victim to Credit Crisis
Developers say they are scrapping plans to build Europe's tallest skyscraper in Moscow
The British architect Norman Foster became the latest high-profile victim of the global economic crisis yesterday when developers in Russia said they were scrapping plans to build his design for Europe's tallest skyscraper.
Moscow's 600-meter high Russia Tower, which was supposed to dwarf Canary Wharf in London, would no longer be constructed, real estate magnate Shalva Chigirinsky said. His firm had run out of money, he admitted.
"Say thanks to [former US federal reserve chairman] Alan Greenspan and George Bush," Chigirinsky told Reuters last night, adding that since the financial crisis in the US it was impossible to get any credit.
Work on the architect's 118-floor tower began last year. The skyscraper was sited on industrial land next to Moscow's river, surrounded by old warehouses and Soviet-era apartment blocks. The skyscraper was meant to be the centerpiece of a new business district and a symbol of Russia's resurgent economic might.
Its cancellation is an embarrassment for the Kremlin. Russia's leadership has struggled to explain to its citizens why the country faces an economic crisis, despite earning billions in recent years from soaring oil prices.
Russia yesterday also announced it would review spending on the 2014 Winter Olympics, saying it had "set a target of saving some money". The games have a $12bn (£8bn) price tag, of which $5bn is supposed to come from private sources. "There are of course difficulties with getting loans but none of the investors are pulling out," the top games official, Dmitry Kozak said.
The slump has led to the cancellation of other prestigious projects, including a new HQ for the energy giant Gazprom in St Petersburg. Authorities there had refused to heed protests from local people who complained the tower would ruin the city's skyline. They dumped the project when they had ran out of cash.
Yesterday Lord Foster's office said it was not aware of any plans to stop work on the Moscow tower. "The project isn't on hold as far as we are concerned," a spokeswoman for Foster and Partners said.
Lord Foster's rocket-like building was meant to be the tallest naturally ventilated tower in the world. It was also billed as one of the greenest buildings in Europe.
Moscow's 600-meter high Russia Tower, which was supposed to dwarf Canary Wharf in London, would no longer be constructed, real estate magnate Shalva Chigirinsky said. His firm had run out of money, he admitted.
"Say thanks to [former US federal reserve chairman] Alan Greenspan and George Bush," Chigirinsky told Reuters last night, adding that since the financial crisis in the US it was impossible to get any credit.
Work on the architect's 118-floor tower began last year. The skyscraper was sited on industrial land next to Moscow's river, surrounded by old warehouses and Soviet-era apartment blocks. The skyscraper was meant to be the centerpiece of a new business district and a symbol of Russia's resurgent economic might.
Its cancellation is an embarrassment for the Kremlin. Russia's leadership has struggled to explain to its citizens why the country faces an economic crisis, despite earning billions in recent years from soaring oil prices.
Russia yesterday also announced it would review spending on the 2014 Winter Olympics, saying it had "set a target of saving some money". The games have a $12bn (£8bn) price tag, of which $5bn is supposed to come from private sources. "There are of course difficulties with getting loans but none of the investors are pulling out," the top games official, Dmitry Kozak said.
The slump has led to the cancellation of other prestigious projects, including a new HQ for the energy giant Gazprom in St Petersburg. Authorities there had refused to heed protests from local people who complained the tower would ruin the city's skyline. They dumped the project when they had ran out of cash.
Yesterday Lord Foster's office said it was not aware of any plans to stop work on the Moscow tower. "The project isn't on hold as far as we are concerned," a spokeswoman for Foster and Partners said.
Lord Foster's rocket-like building was meant to be the tallest naturally ventilated tower in the world. It was also billed as one of the greenest buildings in Europe.
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