The company responsible for this artificial archipelago is Avesta. The company has said publicly that the Khazar Islands is under construction to become a city to house 1 million residents, contain 150 schools, 50 hospitals and daycare centers, numerous parks, shopping malls, cultural centers, universities, a racetrack, but most importantly the island will contain the Azerbaijan Tower.
This tower is expected to be the tallest building in the world, and will cost approximately $2 billion. That amount is just pocket change, considering the entire city is going to cost around $100 billion to make. The buildings on the island are able to withstand magnitude 9.0 earthquakes.
The president of the company, Ibrahimov Ibrahim, told reporters that the city will be like a "new Venice". The project is expected to be finished between 2020 and 2025!
