$150 million to be invested in old yerevan project

$150 million to be invested in old yerevan project –

ARKA – Investments in “Old Yerevan” project by Armenian Swiss businessman Vardan Sermakesh will total about $150 million, said architect Levon Vardanyan who authored the design of the project. 

Sermakesh signed an agreement with the Armenian government represented by the minister of urban planning Narek Sargsyan. 

The project will be implemented by “Old City” company. 

The final model will be submitted for public discussions at the end of March, and the process of coordination with respective public agencies will start afterwards, Vardanyan told a press conference on Monday. 

Vardanyan said the project covers Abovyan, Pavstos Biuzand, Yeznik Koghbatsi and Arami streets where a total of 14 buildings of architectural value, including the Small Philharmonic Hall and SIL Plaza, are located. 

In general, the project will help recreate 30 buildings, including 14 mentioned and is to be implemented in a maximum of five years, Vardanyan said. 

The “Old Yerevan” area will not have dwelling buildings and will serve as a public and cultural center with museums, galleries and fairs of Armenian carpets. 

The Old Yerevan project is to recreate Yerevan’s architectural look of the end of the 19th century and the beginning of the 20th century.