Tbilisi City Council has approved a revised version of Mirza Shafi development plan. The majority adopted this decision at the City Council session.
Before the start, the project should pass through several stages, including dealing with construction permits. The opposition, the majority of the City Council and representatives of civil society demanded the removal of the issue from the agenda and its postponement as the competent discussions were not held, that as they say, threatens the historical part of Tbilisi.
The City Council Urban Planning Commission approved the corrected version of the project a few days ago. The revised version envisages a reduced scale. After adjustment was made to the Mirza Shafi project, the investment amount reduced from $ 100 million to 70 million. At the request of the special commission, the project has been revised and considering the city’s interest, investment volume has been reduced.
George Svanidze, a founder of CAPITAL PARTNERS OF Georgia company implementing investment in the project, states CBW that he suffers losses as the investor because of reduced profits. Nevertheless, Svanidze notes that Mirza-Shafi remains an attractive project and for this reason the investor made these concessions.
Overall, the complex will include 200 apartments, of which 80 will be the hotel rooms, 70- the hotel apartments that will be leased at the discretion of the owner. After the project approval by the City Council, the company will announce an international tender for the construction and launch operation. In Svanidze’s words, the project will be completed in 2 years after the commencement of the construction works.
CAPITAL PARTNERS OF GEORGIA developed the project back in 2008. As Svanidze told “Commersant” a few months ago, the company developed 7-8 projects which were rejected by various agencies. The work on the project has resumed after the new government came into power. In August 2014, the company stated that the project was not stopped, and during this period the projects has been crafted.