Vladivostok’s Minny Gorodok Park to Be Created with VEB.RF’s Involvement
As part of the business programme of the Eastern Economic Forum, VEB.RF, FCC Region and Bank DOM.RF agreed the term sheet for a project to create the Minny Gorodok park in Vladivostok.
The total project budget will be 6.5 billion roubles, with VEB.RF’s commitment of 3.5 billion roubles, including a concessional loan of 1.5 billion roubles and a surety bond of 2 billion roubles securing the borrower’s obligations to Bank DOM.RF.
The document was signed by First Deputy General Director Roman Kapinos on behalf of FCC Region, Deputy Chairman of the Management Board Anton Medvedev on behalf of Bank DOM.RF, and Managing Director of the Assets Division Timur Temirgaliev on behalf of VEB.RF.
“This project is the first to landscape such a large park (35 hectares in area) in the Far East, using long-term bank financing. It is intended that the project will restore historic buildings and convert them into museums and modern centres, as well as improving ponds and public spaces and fitting out a sports ground, a playground, a skatepark, a food court, and nature trails. The park will be a new attraction for local residents and visitors,” said Timur Temirgaliev.
“We view the construction of amusement parks as a strategic addition to our range of activities in general. In parallel with the park in Vladivostok, we are preparing several similar projects in other cities. As for Minny Gorodok, we worked hard with the municipal and regional governments, the Russian Far East and Arctic Development Corporation, and the Ministry for the Development of the Russian Far East and Arctic in preparation for the project. Together we will create a new location that visitors and local residents will be able to use for leisure and recreation,” said Roman Kapinos.
Minny Gorodok is a park located on the land occupied in the past by the ordnance depot of the naval port and fortress of Vladivostok. Concession-based financing will make it possible to put up modern leisure facilities for city dwellers and tourists. The project involves making comprehensive improvements to the park, organising special-purpose recreational areas, building modern amusements and a boathouse, creating a food tourism area with restaurants and cafes, and more.
From an artistic perspective, the dominant feature of the park will be the Mist Keeper fountain. The fountain is operated by water collected and stored for use on dry and hot days. Apart from regular splash pads, its design also incorporates devices for generating low-lying mist. The fountain “catches” mist and then returns it to cool the adjacent area.
“Concession-based financing helps local governments to support the development of their socially significant facilities by encouraging private investment in projects. Bank DOM.RF supports initiatives that make a positive contribution to improving the comfort of urban environments. The park will definitely change the infrastructural appearance of the city, will become a new attraction for local residents and tourists, and will facilitate job creation, small business development and regional economic growth,” said Anton Medvedev.
The park is expected to become fully open to the public in late 2026, but some facilities may be available as early as 2025.
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