Business
Posted: 1 week ago

New Company D BLOCK to Implement Radio City Project

A presentation of the new project, "Radio City" was held within the successful partnership between the Adjara Group and the USAID Economic Security Program.

Cafes, offices, co-working and shared spaces will be located on the territory of Radio City, where small and medium-sized entrepreneurs, startups and artists will have the opportunity to turn their ideas into reality. The venue will host cultural and commercial events such as international festivals, exhibitions, fairs, concerts, etc. In addition, within the framework of the project, hundreds of high-value jobs will be created for the local population.

At the event, Adjara Group held a presentation of the new company - D BLOCK. As part of the company's new direction, D BLOCK will create shared workspaces in Tbilisi and beyond and will contribute to the diversity of the innovative ecosystem of the Adjara Group.

According to the executive director of D BLOCK, Ani Dabashvili, the projects that will be opened in the next 5-6 years are the former thermal power station, as well as the former fire building in Rustavi and the former drainage plant in Kutaisi.

"The D BLOCK company will create office spaces throughout Tbilisi and will also have regional development in the future, including in Rustavi and Kutaisi. Our first project, which will start in 2023, is the building in the Stamba hotel, as well as Radio City, which will open in the last quarter of next year. There are ongoing projects, it is difficult to say with precision the total investment cost, however, the investment made so far, which amounts to 130 million, will probably increase tenfold, because there are quite a lot of projects, there is a large-scale building with a total area of ​​85,000 square meters and 110,000 square meters of outdoor spaces," says Ani Dabashvili.

For the development of different phases of the Radio City project, a technical and economic study was conducted with the support of USAID, as well as a business model and general design of the project were developed. Within the framework of the project, hundreds of high-value jobs will be created for the local population.

We remind you that the Tbilisi City Hall started privatizing the former radio factory and transforming it into a public space in 2018. As a result, the City Hall developed a development plan and concept, and in September 2019, Adjara Group purchased the area for 23 million GEL at the auction announced by the City Hall.