The triangular-shaped artificial island – created in the days of Peter the Great – will be regenerated and transformed into a 7.6-hectare (19-acre) mixed-use neighbourhood for performance and the visual arts.

The self-sustaining cultural quarter – linked to the St Petersburg mainland via pedestrian bridges – will comprise a Festival Hall, auditorium and art gallery, serviced by hotels and restaurants, in addition to a residential district complete with retail outlets and apartments.

The Festival Hall will comprise a 2,000-seat capacity Concert Hall and a 3,000-seat capacity Outdoor Arena, built to resemble an amphitheatre and arranged around a triangular area of water, which will become a skating rink in the winter months.

The arena will be encircled by outdoor seating and temperature controlled for year-long performances and surrounded by boutiques and restaurants.

An existing Rotunda will be converted into a 400-seat auditorium to host traditional theatre, opera and dance performances. It will also feature a public concourse.

The former Blacksmith’s House will be restored into a new gallery space for the visual arts and public exhibitions, while the historic New Holland Warehouses will be revamped to provide a five-star and two four-star hotels.

London-based architects Foster and Partners designed the development on behalf of Russian developer ST New Holland.

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