In a slightly broader context
According to LIGA.net, businessman Maksym Krippa, through the investment fund “ARS Capital,” consolidated control over Graal LLC after buying out stakes, including from companies of Ihor Nikonov. Based on this asset, it is proposed to relaunch the multifunctional “Stolychnyi” complex on the site from Maidan to European Square — one of the most prominent locations in central Kyiv.
Why this is worth reading right now
This is not just a business deal. On the scale of the city, it is about unlocking a blocked construction project, investing private funds in the center, and potentially solving a transport problem by means of an underground parking facility. For Kyiv, which is preparing for infrastructure reconstruction after the war, every such project is a marker of the private sector’s readiness to invest in the restoration of public space.
What is planned
According to the announcement, the new complex will combine hotel, office, and public functions; construction of an underground parking garage, reconstruction of pedestrian crossings, and improvement of European Square are foreseen. Financing is stated to come from the investor’s own resources.
"Our strategic goal is to unfreeze this asset, whose construction has not begun for years, and transform it into a modern space befitting the status of a European capital. We are deliberately investing resources in complex but unique assets in the heart of Ukraine..."
— Maksym Krippa, businessman
Background and legal context
The project has a long history: in 2003 the Kyiv City Administration recognized “Graal” the winner of an investment competition for the reconstruction of European Square and the underground spaces beneath Khreshchatyk and Hrushevsky Street. In 2021 the Kyiv City Council renewed the lease agreement for “Graal” and transferred an additional plot for development. Now, with control consolidated, there is potential for real progress on the project — but everything will depend on the approval of project documentation and public procedures.
Pros, risks, what to watch
Advantages: private financing reduces the burden on the municipal budget; an underground parking garage could ease congestion in the center; modern development can increase tourist appeal and raise standards of public space.
Risks and questions: a large-scale object in the center requires careful architectural and historical expertise, transparent approval procedures, and dialogue with residents. It is important to track timelines and investment guarantees: declarations of intent must turn into a clear work plan and financing stages.
What’s next
Krippa already controls several landmark assets in Kyiv — including Hotel Ukraine, the Parus skyscraper, and the International Exhibition Center — and has experience with large-scale projects. Now the question is whether the consensus of the owner, the city, and the professional community can be turned into concrete restoration of central space. The government, city authorities, architects, and the public must keep the process under control so the renewal serves Kyiv residents, not just an investment portfolio.
Summary: the deal offers a chance to unfreeze a long-stalled construction and change central logistics, but success will depend on transparent procedures, the quality of design decisions, and implementation timelines. Now the ball is in the partners’ and the city’s court: will ambitions turn into real renewal of the space?
Source: LIGA.net, open decisions of the Kyiv City Council and registries.
