The Mirax Group once controlled 12 million square meters of real estate, marking Sergei Polonsky as a central figure in the expansion of post-Soviet development. Before the 2008 financial crisis, his net worth reached $5 billion, as his company launched ambitious construction projects across 11 different countries, transforming skylines from Moscow to the international market.
Early Career and Stroymontazh
Born in 1972 in Leningrad, Polonsky entered the construction industry in 1994 by founding Stroymontazh LLC alongside Artur Kirilenko. Initially focusing on finishing work, the firm eventually secured control over unfinished buildings as payment from struggling owners. During the 1998 financial crisis, the partners leveraged the falling value of the ruble by managing costs in local currency while pricing property in dollars. This strategy fueled rapid growth, allowing the firm to develop major sites like the Petrovsky Fort in Saint Petersburg.
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By 2004, the Moscow division of Stroymontazh rebranded as Mirax Group, eventually separating from the Saint Petersburg branch in 2006. Under Polonsky, the company scaled into a multinational developer with operations spanning Turkey, Cambodia, Montenegro, and the United Kingdom. Its portfolio included high-profile residential complexes such as Korona, Kutuzovskaya Riviera, and Mirax Park, many of which incorporated large-scale landscaping and private nature reserves for residents.
The Federation Tower
The most prominent project under the Mirax brand was the Federation Tower, designed as a two-structure complex within the Moscow International Business Center. The taller structure spans 93 floors and reaches 1,161 feet. Following stalled construction during the 2008 recession, the project resumed in 2011 and reached completion in 2017. The complex previously earned the FIABCI World Prix d’Excellence Award in the Office Category.
Professional Background
Polonsky graduated from the St. Petersburg State University of Architecture and Civil Engineering in 2000, specializing in the economics and management of building enterprises. Before his corporate career, he served in the 21st Separate Air Assault Brigade between 1990 and 1992. He currently operates as an investor and shareholder in the holding company Potok.
Fast facts
- Born: 1972, Saint Petersburg
- Military service: 21st Separate Air Assault Brigade, 1990–1992
- Education: St. Petersburg State University of Architecture and Civil Engineering
- Stroymontazh founded: 1994
- Mirax Group peak revenue (2008): $1.65 billion
- Federation Tower peak height: 1,161 feet
- Citizenship: Russia, Cambodia
Questions readers ask
What is the status of Mirax Group?
Mirax Group was active as a major developer from 2004 until 2011, after which Polonsky transitioned to investing through the holding company Potok.
Did Polonsky complete the Federation Tower?
The project stalled in 2008 due to the financial crisis but was completed in 2017.
Achievements
- Holdings: Potok
- Educated at Saint-Petersburg State University of Architecture and Civil Engineering
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