The opinion of Kyiv residents on Zhytniy has been heard: Inzhur presents an updated market concept and a mechanism for protecting a historic building
18 April 10:52
on April 23, at 18:00, at Genesis Space at 23 Olenivska Street, the investment company Inzhur will present an updated project for the restoration of Zhytniy Market to Kyiv residents. Inzhur will present changes in the architectural concept, a legal strategy for protecting the historical value of the market, and an action plan for the restoration and development of Zhytniy, "Komersant Ukrainian" reports
The meeting is open to all concerned Kyiv residents by pre-registering here.
The first public discussion of the concept of Zhytniy’s restoration was attended by more than 400 Kyiv residents. These were representatives of the community, activists, Podil residents, architects, and investors of the Inzhur Zhytniy fund who care about the fate of the market.
Inzhur has already invested more than 100 thousand euros in the concept of Zhytniy renovation, which was prepared by Colliers, an international consulting agency specializing in commercial real estate, and AVR Development, a leading Ukrainian architectural and engineering bureau. The public discussion was initiated to hear the opinion of Kyiv residents and finalize the concept to meet the needs and expectations of the city’s citizens.
Inzhur received feedback and collected the main issues regarding privatization and the realization of the market’s business potential that worried Kyiv residents. The Inzhur team took into account the key comments and updated the Zhytniy project.
The most frequent concern of Kyiv residents was: what guarantees are there that Zhytniy will remain a market after privatization? After all, previous auctions for the lease of Zhytniy have shown that the authorities do not currently have clear requirements for the tenant, which opens up opportunities for “gray” schemes.
That is why Inzhur, together with the independent law firm Arzinger, drafted a future agreement between the city and the owner. This document contains strict obligations and requirements for a potential investor and will serve as a guarantee of a responsible attitude towards the iconic Kyiv location.
“Such an agreement will ensure that only people who have a plan to restore Zhytniy and will invest in it will participate in the auction,” explains Andriy Zhurzhiy. “If the owner does not fulfill the requirements, he will lose the property. For us, establishing transparent rules of cooperation with the city is a key condition for participating in the auction. We are ready to comply with them because we act in the interests of our investors – Kyiv residents who invest in the Inzhur Zhytniy fund.”
Inzhur also took into account comments on the visual part of the market renovation project. The exterior is an important component of its authenticity, for which Kyivites continue to love Zhytniy and for which Inzhur is fighting to preserve.
According to Inzhur’s preliminary calculations, investments in the renovation of Zhytniy Market will amount to about UAH 700 million. At the presentation on April 23, the company will show a detailed action plan for the relaunch of Zhytniy Market.
“I am convinced that Kyiv residents should not be passive observers when it comes to the fate of iconic city objects. Now, inaction can result in the loss of Zhytniy,” says Andriy Zhurzhiy. “We can give it a second life if we unite. That is why we created the Inzhur Zhytniy Foundation. This is the voice of Kyiv residents – our opportunity to influence the future of the city together.”
More than 3,500 Kyiv residents have already invested UAH 48 million in the Inzhur Zhytniy fund, and their number is growing. These are people who want to participate in fair privatization of the market and become its co-owners. So, if the Kyiv authorities announce an auction for the privatization of Zhytniy, the participants will include not only big market players, but also thousands of ordinary Kyiv residents who invest in the Zhytniy recovery fund because they care about the fate of the market and the city.
Inzhur is the first Ukrainian REIT company that has united more than 16,000 people to invest in large profitable real estate in the country. Co-owners receive income from rental payments and capitalization growth of the properties. Inzhur manages more than UAH 2.7 billion of assets, and the total income of all co-owners of the funds has already reached UAH 763 million.
