A year ago when I first heard about Khazar Islands project I thought that it is one of the crazy ideas which will be a project forever. However, they started it... Based on the information released by different news agencies they already invested 1 billion US dollars to this project and planning to finish it in 2019. Actually they are creating a new city in the sea. They plan to built tallest building in the world. here is the video presenting the project:
A guy appeared at the end is the "businessman" from Azerbaijan and author of the project.