Russian developers have unveiled plans for a 350-hectare artificial island in the shape of Russia to be built off the Black Sea coast near the future Olympic venue Sochi. Property prices in Sochi have already risen by up to 40 percent since the city won the right earlier this year to host the Winter Olympics, while the region is attracting interest from international developers and hoteliers.
Implications - The fake Russian island will be called Federation Island and will have marinas, artificial rivers and different types of residences to hold 25,000 people. The plan is to have the project complete in time for the 2014 Winter Olympics. Erick van Egeraat is the architect in charge of the wild $6.2 billion dollar project.