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Batumi’s Mtsvane Kontskhi or Green Cape Auctioned for 2.8 m GEL

A new hotel will be built in Batumi’s Mstvane Konstkhi or Green Cape area.

For this purpose, Batumi’s Ministry of Finance and Economy auctioned the 200,38 square meters settlement and the attached 14,803 square meters of non-agricultural land, as well as the 10,357 square meters of non-agricultural land. All of these will be auctioned as one lot.

Green Cape

The auction of Mtsvane Kontshki land is scheduled for October 12. The starting price is set at 2.8 million GEL.

According to the auction’s regulations, the winner is required to obtain a license of constructing a multi-unit building complex within the 6 months of signing the contract. Within another 24 months, the contractor is required to complete the construction of the building’s main base.

The construction has to be completed within 36 months of signing the contract. The exploitation of the multi-building unit has to start within the same period.

The multi-building unit has to consist of a hotel 150-room hotel; auto-parking; open and closed pools; several restaurants; and a spa salon. The investor is required to invest at least 30 million GEL into the construction of the complex, according to the auction regulations.