Multipurpose Complex and Physics University - Details of the $220-Million Project
Beginning in early December of this year, word spread that VR Vake Towers LLC had purchased the University of Sports building at 49 Chavchavadze Street in Tbilisi for 11 million GEL at the electronic auction held by the National State Property Agency.
The company was registered in September of this year and its owner is Noshrevan Namoradze, the founder of VR holding. The infrastructure of the university is located on a land plot of 18,019 square meters. According to the privatization conditions, the buyer of the territory must invest at least 50 million GEL on the site.
As stated by Noshrevan Namoradze in the "Fobres Week" program, the total investment volume of the "VR Vake Towers" project is 220 million dollars. In particular, the development of the entire plot of land is divided into two parts: the first part will house a physical education university with modern standards required by the state, in which 100 million GEL will be invested, and the second part - a multifunctional development project developed by VR Holding.
"The building of the Institute of Physical Education, which is located at Chavchavadze #49, has been in a state of disrepair for more than 10 years. The university is unable to function fully and healthily, that is why the state set the task of building a physical culture institute at the same location. It is a great honor for our holding and we are happy to be a part of fulfilling this important mission. Participation in this project is a priority for us, since our goal is to establish a healthy lifestyle. Therefore, participation and victory in this project is doubly gratifying. I believe "VR Holding" will be proud of this", said the businessman and described in detail what the new building of the University of Physics will be like.
"A modern sports school with modern auditoriums and fields for various sports will be located in the university, as well as outdoor mini-football and tennis fields will be maintained, including a sambo hall, etc. By the way, there were certain rumors that there would be no tennis and mini-football fields. We promise to keep both. I will not enter into any new project, if similar activities are not taken into account - sports fields and recreational zones", - said Noshrevan Namoradze.
As for the second plot of land to be developed by VR Holding, as the owner of "VR Vake Towers" says, a multi-functional and innovative complex will be built in Chavchavadze #49, the like of which does not exist in the city.