Ambitious plans to make a heritage reenactment theme park in Moscow, Russia have been revealed.

Russian property developer RDI, has allocated RUB2bn (£39m, US$60.3m, €45.5m) and one sq km (0.38sq m) of land for the project, which could be built within the next five years.

Authorities have approved RDI’s proposal to build a historically-themed amusement park in the Ryazanovsky district, close to the Moscow Ring Road. The theme park will also include a 150-room hotel, ethnography museum, historical village with guest houses and an amphitheatre and will be able to cater to around 40,000 visitors once it is open.

However, the historical attraction may face competition from other theme parks planned for the Moscow region. Real estate developer Sait-Salam Gutseriyev and NBCUniversal are reported to be planning to open a park along the Varshavsky highway by 2018, with an estimated cost of US$3bn (£1.9bn, €2.2bn).