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Investor to Implement 10.7 million USD Project in Batumi's Hero Alley

Investor to Implement 10.7 million USD Project in Batumi’s Hero Alley

A project of 10.7 million USD will be implemented in the Hero Alley in Batumi, Ramaz Bolkvadze, Minister of Finances and Economy of Ajara, noted at the presentation of investment indicators for January-June 2016. This is the fifth project for the Hero Alley and its implementation will start in the near future.

“Recently a decision was taken on implementing a new investment project in the Hero Alley. The investor has bought the territory by electronic auction and a new top-level hotel complex construction works will start there. According to the project, at least 10.7 million USD investments will be made”, Ramaz Bolkvadze said.

The project calls for constructing at least 60-suite hotel, public facility, entertainment center and underground parking place on 1500 square meters, he said.

The project implementation will end by 2020.

“5 top-class hotel complexes are being constructed in the Hero Alley and total investment value makes up 51 million USD”, the Ajara Finance Minister noted.

We remind you that the Ministry of Finance and Economy of Ajara has worked on developing the Hero Alley development concept. The territory space is 3 hectares. Under the plan, the alley is divided in 14 investment land plots and their development will be carried out in 3 phases.

Under the concept, maximum height of the building will be 140 meters and the minimum height will be 30 meters. Hotels, apartments, restaurants, various entertainment facilities and sports centers will be arranged on the territory. The objective of the Hero Alley development is to improve the investment environment, bolster business and tourism sector, create new job places and develop the city infrastructure.

Implementation of 4 new investment projects is underway in the Hero Alley.