Federation Island construction will start in the beginning of 2009 in Sochi, Russia. The project comes from the dutch Erick van Egeraart associated Architects (EEA). On the official website you can read:
It will be a 350-hectare artificial island located off the coast of Sochi, Russia. Federation Island will house 25,000 people in apartments and villas. Federation Island is expected to be completed in time for the 2014 Winter Olympics in Sochi. The project will cost around 6.2 billion dollars (4.4 billion euros).