The Lviv City Council has signed lease agreements for land in the industrial zone "Syhnivka" with the leading company "Formation Syhnivka," a part of the Alterra Group. The company has leased five communal land plots totaling 30 hectares to establish the "Formation. Lviv" industrial park, which claims to be the first municipal industrial park of such scale in Ukraine.

The park aims to construct over 150,000 square meters of commercial spaces, including production facilities, warehouses, and offices. It will feature laboratories, co-working spaces, startup studios, a business incubator, and training/practice areas. The industrial park plans to attract up to ten major resident companies and fifty representatives from small and medium-sized businesses.

Additionally, the park's territory will include a recreational area with a water reservoir and a public center with educational spaces, a clinic, exhibition hall, dining, trade facilities, and children's rooms.

According to Dmytro Kovalchuk, founder of Alterra Group, "Construction in the industrial park project constitutes only 30%, the remaining 70% is creating an ecosystem."

The concept of the industrial park was developed in collaboration with the Kyiv School of Economics and presented to the Lviv City Council in July 2023. Following this, an open competition was announced to select the managing company, with "Formation Syhnivka" emerging as the winner.

Construction is slated to begin in December 2023, with the completion of the first phase expected in the first quarter of 2025, as per the official project website. Private funds and investor contributions will finance the project, with the management company expected to attract a total investment of no less than five billion hryvnias, according to the Kyiv School of Economics.