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Investor Supposes to Launch the Mirza-Shapi Project Late this Year

Investor Supposes to Launch the Mirza-Shapi Project Late this Year

Project of Mirza-Shapi undergoes final stages of discussion.

The investor has envisaged the remarks and submitted the new project, which is prepared by company Demark. Giorgi Svanidze, founder of Capital Partners of Georgia declares, that works on the project are carried for the years  and it is in full compliance with the legislation. Coefficients and project scales are changed.

“The project is  in full compliance with the legislation, K1 and K2 coefficients are acceptable. Nothing is added, on contrary they are diminished. If implementation of the project has been planned on 45 thousand square m,  now we plan to carry the project on 36 thousand square m. i.e. the scale is diminished by 20%. Now we are at the final stage of the project, exterior design should be agreed. We suppose that implementation of the project will start late this year”, – Giorgi Svanidze declares.

Investment value of  Mirza-Shapi project is 60 million USD and it will be managed by Kempinski. However, the agreement is already signed with the company.

“Project of Mirza-Shapi street is rather innovative. There should be apartments and luxe- class hotel. This is a tourism rout and respectively, it will be loaded by tourism infrastructure – fashionable café-restaurants. The matter concerns to the construction of service apartments which should be managed by Kempinski. This should be a complex project, which we might see in London, Paris and other cities”, – Svanidze explains.

The businessman declares, that the project will be fitted to the VIP tourism. The hotel will include 60 high class rooms and 13 presidential apartments. The complex will also have 50 high class rooms.

“We suppose, that 50% of buyers will be Georgians working abroad. This is acceptable investment for them, because they are arriving in Georgia for a short time. However, Kempinski should rent  the apartments in the other period”, – the businessman notes.

According to him, investments in the hotel sphere is rather long-term and the investments might be gained through the 10-year period.