In-Depth Analysis of Flagship Projects with Metal Structures
The Sky Towers Phenomenon: The Tallest Skyscraper, the Deepest Foundation, the Longest History
The Sky Towers multifunctional complex, located at 13 Beresteiskyi Avenue (formerly Peremohy Avenue) in Kyiv, is not just a construction site, but a symbol of Ukraine’s economic turbulence over the past two decades. The project, which was created to be the architectural dominant of Eastern Europe, accumulated cutting-edge world-class engineering solutions and complex financial and political vicissitudes.
Architecture and Engineering of an Unprecedented Scale
The original concept of the skyscraper was developed by the leading Hong Kong architectural bureau DLN Architects Limited with the participation of Ukrainian architect Vitaliy Vasyagin (Vivas Architectural Bureau) and international engineering consultants such as Maunsell Aecom and R.A. Heintges & Associates. The project envisions the construction of two interconnected towers: Tower A has a height of 214.26 meters (by roof) or 220 meters together with the spire, counting 47 above-ground floors, while Tower B reaches 165 meters (34 floors). Additionally, the complex integrates a separate two-story bank building and a massive stylobate.
The total area of the object is a colossal 224,527 square meters, of which the usable area is 130,000 square meters, and over 1,500 square meters are allocated for the retail zone. The complex is designed to simultaneously accommodate up to 17,000 people, whose movement was to be provided by 47 elevators, including six high-speed shuttles, and 47 escalators.
The biggest engineering challenge for the developers (the general contractors were initially the Osnova-Solsif company from 2008 to 2010, and later the Turkish Ant Yapi until 2016) was the specific nature of Kyiv’s soils. The construction site was once a swamp and the bed of the Lybid River. To guarantee the absolute stability of the 220-meter giant, engineers applied an extremely complex underground structure. The complex has 8 levels of underground space (with an area of 51,630 square meters), which houses an eight-level parking lot for 841–878 cars. The “slurry wall” technology and specialized deep foundations — barrettes — were used for the foundations. The total depth of the foundation reached 64.5 meters, making it one of the deepest in Europe.
The structural kinematics of the towers is based on a powerful central reinforced concrete stiffness core. According to data from the end of 2013, the monolithic core of the towers was erected to the level of the 19th floor. Around this core, a mixed frame is formed using significant arrays of steel, which takes on the floors and columns, creating a solid composite structure.
Chronology of the Financial Collapse and the Auction Epic
The realization of the project started back in 2007–2008 by KDD Group (Kyiv Donbas Development Group) with the ambitious goal of completing construction by the 2012 European Football Championship. The largest beneficiaries of the developer at that time were the structures of Andriy Verevsky’s Kernel agricultural holding, US citizen Oleksandr Levin, and the Konstantinovsky brothers. During the first global financial crisis of 2008, the company opened a credit line in the state-owned Ukreximbank for an amount equivalent to 3 billion hryvnias (the total estimated budget of the project at that time was 512.2 million US dollars).
Despite strong financing, the construction progressed in fits and starts and finally came to a halt in January 2016, when the object reached the 27th floor of the high-rise section, and the overall construction readiness froze at 51%. The owning company (officially — LLC “Office Construction Agency”, founded by TKD Invest LLC with beneficiary David Israel through the American Takadero Trading Limited) failed to meet its obligations even after an attempted financial restructuring in 2019. In early 2021, the Economic Court of Kyiv satisfied Ukreximbank’s claim to recover a colossal debt of 5.95 billion hryvnias and handed the object over to the bank for sale at open auctions.
A dramatic saga of selling the “concrete ghost” began in 2021. The initial price for the rights of claim under the loan agreement started at an unprecedented 7.1 billion hryvnias in October 2021. However, the auction failed due to a lack of investors. Subsequent attempts showed a rapid drop in the estimated value:
- May 2023: the lot was put up for 5.6 billion UAH.
- September 2024: the price collapsed to 1.1 billion UAH.
- October-November 2024: a decrease to 937.3 million UAH, and later to 772 million UAH.
- February 27, 2026: an auction with a starting price of 662.33 million UAH did not take place (six participants were registered, but none made a bid).
2026 Revival: Change of Owners and Resumption of Work
The turning point in the skyscraper’s history occurred on April 8, 2026. At an auction on the OpenMarket platform, the complex was finally sold for 560.47 million hryvnias. Overall, the price of the object fell by nearly 13 times compared to the original debt. The only participant who paid the guarantee deposit and became the winner was Tech Invest Postach Plus LLC.
An analysis of the winner’s corporate structure revealed interesting connections. Tech Invest Postach Plus LLC was founded 10 months prior to the auction by Roman Chumak. Until July 2025, Chumak, through the company Finance Audit Consult, owned the financial company Universal Company (now renamed Skyfall Finance). The beneficiaries of this company are Hanna and Karina Zlochevska — the daughters of Mykola Zlochevskyi, the former Minister of Ecology and Natural Resources of Ukraine during Viktor Yanukovych’s presidency, and the founder of the gas production corporation Burisma. According to the auction terms, the winner was required to transfer the full amount by April 18, 2026.
The change of ownership brought immediate results. Already in May 2026, the head of the Public Council at the KSCA (Kyiv City State Administration), Hennadiy Kryvosheya, confirmed the resumption of work at the construction site. After a multi-year pause, the territory was cleared, building materials and equipment were brought in, and intensive preparatory works began on the roof of the stylobate part.
According to expert estimates by Andrii Ozeichuk, director of the engineering and construction company Rauta, about 91,680 square meters of space still need to be finished to complete the complex. With a conservative cost of construction and installation works at $1,000 per square meter, the investments required just to finish the frame and basic infrastructure are estimated at $91.7 million, and including the interior finish, could reach $168.7 million. The new owner now faces a choice: complete the project according to the original blueprints as a multifunctional hub, change its functional purpose (e.g., increase the residential share), or prepare it for resale.