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Tbilisi Assembly Approved a Revised Version of the Mirza Shafi Project

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.