The European Embankment project involves construction of a multipurpose complex comprising a five-star hotel, a retail and office centre and a housing estate in the area of Proyezd Dobrolyubova, Pereulok Talalikhina and Academician Likhachev Square in the Petrogradsky District of St Petersburg on the bank of the Malaya Neva River. One of the project's key elements will be the first promenade in St Petersburg. The focus of the project will be the Boris Eifman Dance Palace.
The project is financed by VTB Bank and is scheduled for completion in 2017.