Krippa plans to revive stalled Khreshchatyk project in Kyiv
Photo: Google Maps

Businessman Maksym Krippa plans to revive a long-delayed construction project on Khreshchatyk after obtaining control over Grail LLC, his press service told LIGA.net.

The future Stolychnyi multifunctional complex is expected to integrate with the architectural character of central Kyiv.

"Following completion of the transaction to buy out shares from our partners, including Ihor Nikonov, we consolidated control over Grail LLC through the ARS Capital investment fund. For us, the location on European Square and Khreshchatyk is a landmark — a unique site defined by its position. Our strategic goal is to unfreeze this asset, whose construction has not begun for years, and transform it into a modern space consistent with the status of a European capital," Krippa said in a statement.

The new building is planned to combine hotel, office and public functions.

The project also includes an underground parking facility intended to ease pressure on the city center, as well as upgrades to pedestrian crossings and European Square itself.

The development will be financed with the businessman’s own funds.

"We are deliberately investing in complex but unique assets in the heart of Ukraine. As with other landmark properties in our portfolio, we are prepared for capital-intensive work to unlock the potential of this territory after the war," he said.

In 2003, the Kyiv City Administration named Grail the winner of an investment tender to reconstruct European Square, including construction of non-residential facilities and development of underground space beneath Khreshchatyk Street (from Maidan to European Square) and Mykhaila Hrushevskoho Street (from European Square to building No. 4).

In 2021, the Kyiv City Council voted to renew Grail’s lease for the land plot at 5 Khreshchatyk Street and transfer a neighboring plot at 4b Hrushevskoho Street for development.

  • In recent years, Krippa has acquired several landmark Kyiv properties, including the Hotel Ukraina overlooking Independence Square, the Parus Business Center skyscraper, and the International Exhibition Centre, which hosted the Eurovision Song Contest 2017.