July 21. At a meeting on Friday, St. Petersburg town-planning committee considered the development blueprint for the territory bounded by Dobrolyubov Avenue, the Malaya Neva Embankment, Talalikhin Lane and the western boundary of the Academician Likhachev Square, the Embankment of Europe. After the meeting, VTB vice-president and CEO, Alexander Olkhovsky, told journalists that on the nearly 9 ha area of the northern bank of the Malaya Neva, the committee planned to build nearly 144,000 sq.m of residential dwellings, nearly 55,000 sq.m of commercial buildings and a ballet theatre under the auspices of Boris Eifman. According to Olkhovsky, the exact project value is still unknown. He highlighted, however, that VTB was ready to spend no more than USD 2.5 bn for project implementation.