Kazan developer Partners Development intends to invest $470m building a residential complex in Krasnodar, regional officials report.

The complex is reportedly to be built on a 75-hectare land site around Krasnyh Partizan and Azovskaya Streets.

Under the project, the complex is to be kitted out with economy-class residential housing, as well as utilities and social infrastructure facilities, including schools and kindergartens.

The project is to create 500 new local jobs, the officials said.

The project is scheduled to be carried out in 2011-2019.